A. M. Castle & Co. Common Stock to Trade on the OTCQB Venture Market
December 06 2016 - 6:44PM
A. M. Castle & Co. (OTCQB:CASL) (the “Company” or “Castle”), a
global distributor of specialty metal and supply chain solutions,
today announced that shares of its common stock will begin to
immediately trade on the OTCQB® Venture Market, which is operated
by OTC Markets Group Inc., under the symbol "CASL."
On December 6, 2016, the New York Stock Exchange
("NYSE") notified Castle that it was not in compliance with the
NYSE's continued listing standard set forth in Section 802.01B of
the NYSE Listed Company Manual requiring listed companies to
maintain an average global market capitalization over a thirty
trading-day period of at least $15 million. As a result, the staff
of NYSE Regulation determined to suspend trading and commence
proceedings to delist Castle’s common stock from the NYSE.
While the Company has the ability to appeal the
decision by the NYSE, Castle’s Board of Directors has determined
that it is in the best interest of the Company and its shareholders
to immediately begin trading on the OTCQB® Venture Market. The move
allows investors to transact in the stock uninterrupted. It will
also simplify the Company's administrative requirements and reduce
listing fees and legal and administrative costs associated with the
listing.
The transition to the OTCQB® Venture Market does
not affect the Company's business operations and does not change
its public reporting requirements with the US Securities and
Exchange Commission.
About A. M. Castle &
Co.Founded in 1890, A. M. Castle & Co. is a global
distributor of specialty metal and supply chain services,
principally serving the producer durable equipment, commercial
aircraft, heavy equipment, industrial goods, construction
equipment, and retail sectors of the global economy. Its customer
base includes many Fortune 500 companies as well as thousands of
medium and smaller sized firms spread across a variety of
industries. It specializes in the distribution of alloy and
stainless steels; nickel alloys; aluminum and carbon. Together,
Castle and its affiliated companies operate out of 21 metals
service centers located throughout North America, Europe and
Asia.
For Further Information:
-At ALPHA IR-
Analyst Contact
Chris Donovan or Chris Hodges
(312) 445-2870
Email: CAS@alpha-ir.com
Traded: OTCQB: CASL