Ferroglobe announces listing transfer to the NASDAQ Capital Market
03 August 2020 - 11:00PM
Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or “the Company”), a
leading producer of silicon metal, silicon alloys and
manganese-based specialty alloys, has received approval from the
NASDAQ Stock Market LLC (“NASDAQ”) of the Company’s request to
transfer listing of its ordinary shares to the NASDAQ Capital
Market from the NASDAQ Global Select Market.
As previously disclosed, NASDAQ notified
Ferroglobe in November 2019 that the Company was out of compliance
with the minimum bid price requirement of NASDAQ listing rule
5550(a)(2), as the closing bid price for its shares had remained
below $1.00 for more than thirty consecutive days.
On transfer to the NASDAQ Capital Market,
Ferroglobe receives an additional 180-day grace period, effective
August 4, 2020, within which to regain compliance with the minimum
closing bid price requirement for continued listing. The
Company has given written assurance to NASDAQ that it intends to do
so, if necessary, by means of a reverse stock split.
The transfer is expected to take effect on at
the start of trading on August 4, 2020. The Company’s shares
will continue to trade under the symbol “GSM”. The NASDAQ
Capital Market is a continuous trading market that operates in
substantially the same manner as the NASDAQ Global Select Market,
and listed companies must meet certain financial and corporate
governance requirements to qualify for continued listing.
About Ferroglobe
Ferroglobe is one of the world’s leading
suppliers of silicon metal, silicon- and manganese-based specialty
alloys and ferroalloys serving a customer base across the globe in
dynamic and fast-growing end markets, such as solar, automotive,
consumer products, construction and energy. The Company is based in
London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of U.S. securities laws.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe the Company’s
future plans, strategies and expectations. Forward-looking
statements often use forward-looking terminology, including words
such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”,
“potential”, “predicts”, “seek”, “will” and words of similar
meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information currently available to the
Company and assumptions that management believe to be reasonable,
but are inherently uncertain. As a result, Ferroglobe’s actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements,
which are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that are, in
some cases, beyond the Company’s control.
Forward-looking financial information and other
metrics presented herein represent the Company’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake
any obligation to update publicly any of the forward-looking
statements contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
INVESTOR CONTACT:
Gaurav Mehta, EVP - Investor Relations
investor.relations@ferroglobe.com
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