BEIJING, Dec. 1, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that on November 24, 2015, the Company received a notice
from the New York Stock Exchange (the "NYSE") indicating that the
Company is not in compliance with the NYSE's continued listing
requirements under the timely filing criteria established in
Section 802.01E of the NYSE Listed Company Manual as a result
of its failure to timely file its Quarterly Report on Form 10-Q for
the quarter ended September 30,
2015.
As previously disclosed in its Notification of Late Filing on
Form 12b-25 filed with the SEC on November
16, 2015, the Company has delayed filing its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2015 because the Company requires
additional time to complete the preparation of its consolidated
financial statements and the accompanying footnotes, in connection
with its restructuring plan for the Company's steel
business.
Currently the Company is working diligently with its auditor to
compile and disseminate the information required to be included in
the Form 10-Q, as well as the required review of the Company's
financial information. The Company expects to file the Form 10-Q as
soon as possible in the coming weeks and before the deadline set by
the NYSE.
The NYSE informed the Company that, under the NYSE's rules, the
Company will have six months from November
24, 2015 to file the Form 10-Q with the SEC. The
Company can regain compliance with the NYSE listing standards at
any time before that date by filing the Form 10-Q with the SEC. If
the Company fails to file the Form 10-Q before the NYSE's
compliance deadline, the NYSE may grant, at its discretion, an
extension of up to six additional months for the Company to regain
compliance, depending on the specific circumstances. Under NYSE
rules, until the Company files the Form 10-Q, its common stock will
continue to be subject to the ".LF" indicator to signify its late
filing status and will remain on the list of NYSE noncompliant
issuers at www.nyse.com.
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management, the Company produces a
variety of steel products including rebar and high-speed wire.
Through its majority equity interest in Catalon, the Company also
develops and manufactures De-NOx honeycomb catalysts and industrial
ceramics.
To be added to the General Steel email list to receive Company
news, or to request a hard copy of the Company's Annual Report on
Form 10-K, please send your request to
investor.relations@gshi-steel.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, including those disclosed in the Company's most recent
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission. Forward-looking statements contained
herein speak only as of the date of this release. The Company does
not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information,
future events or otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
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SOURCE General Steel Holdings, Inc.
