Virgin Mobile USA was one of the few outfits out there who managed to post a Q3 net profit, but even that couldn't help it avoid the unfortunate delivery of a non-compliance letter from the New York Stock Exchange. Just a few days before it slashed ten percent of its workforce, the company was notified by the NYSE that it was "not in compliance with certain listing criteria." More specifically, it's considered "below the applicable standards because the average market capitalization of its Class A common stock and substantial equivalents, over a period of 30 trading days, is less than $100 million." Now, it has 45 days to respond with a business plan that demonstrates its ability to get back into compliance within 18 months. Virgin Mobile USA has already texted (at least that's what we heard) the bigwigs on Wall Street with a confirmation that it would be working to get back on track, but even the best intentions fall through sometimes. Godspeed, VM.

[Via mocoNews]

Virgin Mobile's distinction of being the first MVNO in the U.S. means it is the "granddaddy" of virtual operators, at least stateside. Enough bragging time has now gone by apparently, as Virgin Mobile has filed for an initial public offering (IPO). The move will take the company public where shares of the company will be traded in the U.S. marketplace. Some pundits believe this signals a maturation of the MVNO segment in the U.S. wireless landscape, but don't tell that to the scrappy folks at Amp'd Mobile or Helio, will ya? Anyhoo, Virgin Mobile has filed to be listed as "VM" on the New York Stock Exchange and it's possible the company will raise up to $100 million in the offering. That wad of cash will most likely be used to pay off debt and give a certain, unknown sum to Sprint Nextel, the carrier representing the American half of the joint venture -- the other half, of course, being Virgin proper.