Virgin Mobile

The news isn't good for Virgin Mobile: Engadget Mobile reports that right before the mobile virtual network operator slashed ten percent of its workforce on Monday, the company was notified by the NYSE that it was "not in compliance with certain listing criteria."

According to the NYSE, that means the company's stock is "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."

The report said that Virgin Mobile has 45 days to respond with a business plan that "demonstrates its ability to get back into compliance within 18 months."

It remains to be seen if the sole remaining major MVNO can rescue the concept from its gradual slide into oblivion.

Virgin Mobile USA, the lone standing mobile virtual network operator in the U.S. (after Helio, Amp'd Mobile, Mobile ESPN, and Disney Mobile all went kaput) will cut 10% of its staff, or about 45 people in New Jersey and California, Silicon Alley Insider reports.

"In a memo to employees today, Virgin Mobile USA Chief Executive Officer Dan Schulman explained that the Company had identified continued synergies associated with the transition of IT services to IBM and the acquisition of Helio," the company said in the article.

Virgin is well positioned with its strong prepaid model and resulting sales, although it's struggling to turn a profit. Last quarter, Virgin made just $4.1 million on $323 million of sales, the report said.