BEIJING, Jan. 5, 2016 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI),
announced today that, the New York Stock Exchange, Inc. (the
"NYSE") has notified the Company that it has fallen below the
NYSE's continued listing standard set forth in Section 802.01C of
the Listed Company Manual ("Section 802.01C") that requires a
minimum average closing price of $1.00 per share of the Company's common stock
over a consecutive 30-trading-day period.
In a notification letter dated January 4,
2016, the NYSE notified the Company that as of December 30, 2015, the average closing price of
the Company over a consecutive 30-day trading period of
$0.97. Under the NYSE regulations,
the Company has a cure period of six months from receipt of the
NYSE's notice to achieve compliance with the continued listing
standard of Section 802.01C. The Company can regain compliance at
any time during the six-month cure period if on the last trading
day of any calendar month during the cure period, the Company has a
closing share price and an average closing share price of at least
$1.00 over the 30 trading-day period
ending on the last trading day of that month.
The Company will provide the NYSE with the required response
within 10 business days of its receipt of the NYSE Notice, stating
its intent to cure this deficiency. Subject to compliance with the
NYSE's other continued listing standards and ongoing oversight, the
Company's common stock will continue to be listed and traded on the
NYSE during the six-month cure period, under the symbol "GSI", but
will continue to be assigned a ".BC" indicator. The Company's
business operations and United States Securities and Exchange
Commission reporting requirements are not affected by the receipt
of the NYSE's notice. The Company intends to actively monitor the
closing price of its common stock during the cure period and will
evaluate all available options to resolve this non-compliance and
regain compliance with the pricing standard.
About General Steel
General Steel Holdings, Inc. is headquartered in Beijing, China and 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, and include, but are not limited to: (a) those risks and
uncertainties related to general economic conditions in
China, including regulatory
factors that may affect such economic conditions; (b) whether the
Company is able to manage its planned growth efficiently and
operate profitable operations, including whether its management
will be able to identify, hire, train, retain, motivate and manage
required personnel or that management will be able to successfully
manage and exploit existing and potential market opportunities; (c)
whether the Company is able to generate sufficient revenues or
obtain financing to sustain and grow its operations; (d) whether
the Company is able to successfully fulfill our primary
requirements for cash; and (e) other risks, 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/general-steel-receives-nyse-notification-regarding-closing-price-requirement-under-nyses-continued-listing-standard-300199352.html
SOURCE General Steel Holdings, Inc.
