BEIJING, April 21, 2016 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI),
announced today that on April 15,
2016, 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
Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the "Form 10-K").
As previously disclosed in its Notification of Late Filing on
Form 12b-25 filed with the SEC on March 30,
2016, the Company has delayed filing its Form 10-K because
the Company requires additional time to complete the preparation of
its consolidated financial statements and the accompanying
footnotes in time for filing.
Currently the Company is working diligently with its auditor to
compile and disseminate the information required to be included in
the Form 10-K, as well as the required audit of the Company's
financial information. The Company expects to file the Form 10-K in
the near future, 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 March 30,
2016 to file the Form 10-K with the SEC. The Company can
regain compliance with the NYSE listing standards at any time
before that date by filing the Form 10-K with the SEC. If the
Company fails to file the Form 10-K 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. The notice from the NYSE
also states that the NYSE may nevertheless commence delisting
proceedings at any time during the period that is available to the
Company to complete the filing if it deems that the circumstances
warrant. Under NYSE rules, until the Company files the Form 10-K,
its common stock will be subject to the ".LF" indicator to signify
its late filing status at www.nyse.com.
About General Steel
General Steel is headquartered in Beijing, China, and trades iron ore and steel
products. 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
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
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SOURCE General Steel Holdings, Inc.
