MORRISVILLE, N.C., June 19, 2020 /CNW/ -- Pyxus International,
Inc. ("Pyxus" or the "Company") (NYSE: PYX; OTC Pink: PYXSQ), a
global value-added agricultural company, today announced that it
has received notification from the New York Stock Exchange (the
"NYSE") that the Company's common stock has been suspended from
trading on the NYSE and that the NYSE has determined to commence
proceedings to delist the Company's common stock. The NYSE
determined that the Company was no longer suitable for listing
under Section 802.01D of the NYSE Listed Company Manual after the
Company's June 15, 2020 disclosure
that it and certain of its domestic wholly owned subsidiaries filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (the "Chapter 11 Cases") in the U.S.
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Company
does not intend to appeal the NYSE's determination and, therefore,
it is expected that its common stock will be delisted by the
NYSE.
The Company's common stock began to be quoted on the OTC Pink
marketplace on June 17, 2020 under the symbol "PYXSQ".
Investors can find quotes for the Company's common stock on
www.otcmarkets.com. The Company does not expect a
transition to the OTC Pink marketplace to affect the Company's
operations. The Company can provide no assurance that its
common stock will continue to trade on this market, whether
broker-dealers will continue to provide public quotes of the
Company's common stock on this market, whether the trading volume
of the Company's common stock will be sufficient to provide for an
efficient trading market or whether quotes for the Company's common
stock may be blocked by OTC Markets Group in the future.
About Pyxus International, Inc.
Pyxus
International, Inc. (NYSE: PYX) is a global agricultural company
with more than 145 years of experience delivering value-added
products and services to businesses, customers and consumers.
Driven by a united purpose—to transform people's lives, so that
together we can grow a better world—Pyxus International, its
subsidiaries and affiliates, are trusted providers of responsibly
sourced, independently verified, sustainable and traceable
agricultural and consumer-driven products and ingredients. For more
information, visit www.pyxus.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on current expectations of
future events. Such statements include, but are not limited to,
statements about future financial and operating results, plans,
objectives, expectations and intentions and other statements that
are not historical facts. Such statements are based on the current
beliefs and expectations of management and are subject to
significant risks and uncertainties. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results may differ materially from those
currently anticipated, expected or projected. The following
factors, among others, could cause actual results to differ from
those expressed or implied by the forward-looking statements:
- risks and uncertainties relating to the Chapter 11 Cases,
including but not limited to: the Company's ability to obtain
Bankruptcy Court approval with respect to motions in the Chapter 11
Cases and approval of requisite stakeholders and confirmation by
the Bankruptcy Court of the Prepack Plan, the effects of the
Chapter 11 Cases on the Company and its various constituents, the
impact of Bankruptcy Court rulings in the Chapter 11 Cases, the
ultimate outcome of the Chapter 11 Cases in general, the length of
time the Company will operate under the Chapter 11 Cases, attendant
risks associated with restrictions on the Company's ability to
pursue its business strategies while the Chapter 11 Cases are
pending, risks associated with third-party motions in the Chapter
11 Cases, the potential adverse effects of the Chapter 11 Cases on
the Company's liquidity, the likelihood of the cancellation of the
Company's common stock in the Chapter 11 Cases, uncertainty
regarding the Company's ability to retain key personnel, whether
the Company's leaf tobacco customers, farmers and other suppliers
might lose confidence in the Company's ability to reorganize its
business successfully and may seek to establish alternative
commercial relationships, whether, as a result of the Chapter 11
Cases, foreign lenders that have provided short-term operating
credit lines to fund leaf tobacco operations at the local level may
lose confidence in the Company and cease to provide such funding,
and uncertainty and continuing risks associated with the Company's
ability to achieve its goals and continue as a going concern;
- risks and uncertainties related to the Company's leaf tobacco
operations, including changes in the timing of anticipated
shipments, changes in anticipated geographic product sourcing,
changes in relevant capital markets affecting the terms and
availability of short-term seasonal financing, political
instability, currency and interest rate fluctuations, shifts in the
global supply and demand position for tobacco products, changes in
tax laws and regulations or the interpretation of tax laws and
regulations, resolution of tax matters, adverse weather conditions,
the impact of disasters or other unusual events affecting
international commerce, and changes in costs incurred in supplying
products and related services;
- risks and uncertainties related to the COVID-19 pandemic,
including possible delays in shipments of leaf tobacco, including
from the closure or restricted activities at ports or other
channels, disruptions to the Company's operations or the operations
of suppliers and customers resulting from restrictions on the
ability of employees and others in the supply chain to travel and
work, border closures, determinations by the Company or shippers to
temporarily suspend operations in affected areas, whether the
Company's operations that have been classified as "essential" under
various governmental orders restricting business activities will
continue to be so classified or, even if so classified, whether
site-specific health and safety concerns related to COVID-19 might
otherwise require operations at any of the Company's facilities to
be halted for some period of time, negative consumer purchasing
behavior with respect to our products or the products of our leaf
tobacco customers during periods of government mandates restricting
activities imposed in response to the COVID-19 pandemic, and the
extent to which the impact of the COVID-19 pandemic on the
Company's operations and the demand for its products may not
coincide with impacts experienced in the
United States due to the international scope of the
Company's operations, including in emerging markets that may have
only recently experienced COVID-19 outbreaks; and
- risks and uncertainties related to the Company's new business
lines, including with respect to the impact of regulation
associated with new business lines, including the risk of obtaining
anticipated regulatory approvals for cannabis products in
Canada and for nicotine e-liquids
products in the United States,
uncertainties regarding the regulation of the production and
distribution of industrial hemp products and continued compliance
with applicable regulatory requirements, uncertainties with respect
to the development of the industries and markets of the new
business lines, consumer acceptance of products offered by the new
business lines, uncertainties with respect to the timing and extent
of geographic and product-line expansion, the impact of increasing
competition in the new business lines, uncertainties regarding the
viability of facilities expansions, the possibility of delays in
the completion of facilities expansions and uncertainties regarding
the potential production yields of new or expanded facilities, as
well as the progress of legalization of cannabis for medicinal and
adult recreational uses in other jurisdictions.
A further list and description of these risks, uncertainties and
other factors can be found in the "Risk Factors" section of the
Company's annual report on Form 10-K for the fiscal year ended
March 31, 2019, in Part II, Item 1A
"Risk Factors" in the Company's Quarterly Reports on Form 10-Q for
the periods ended June 30, 2019,
September 30, 2019 and December 31, 2019 and in the Company's other
filings with the Securities and Exchange Commission (the "SEC")
which are available at the SEC's Internet site
(http://www.sec.gov). The Company therefore cautions readers
against relying on these forward-looking statements. All
forward-looking statements attributable to the Company or persons
acting on the Company's behalf are expressly qualified in their
entirety by the foregoing cautionary statements. All such
statements speak only as of the date made, and, except as required
by law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Pyxus International, Inc.