NYSE MKT Accepts DGSE Companies, Inc. Plan to Regain Compliance
May 31 2016 - 9:01AM
Business Wire
DGSE Companies, Inc. (NYSE MKT: DGSE) (“DGSE”) announced today
that, on May 27, 2016, DGSE received notice from the staff of
the NYSE MKT LLC (the “MKT”) that the MKT had accepted DGSE’s
compliance plan (the “Plan”) and granted an extension until October
12, 2017 to regain compliance with Section 1003(a)(ii) of the NYSE
MKT Company Guide (the “Company Guide”). DGSE will be subject to
periodic review by the MKT during the compliance plan period.
Failure to make progress consistent with the Plan or to regain
compliance with the continued listing standards of the Company
Guide by the end of the extension period could result in DGSE being
delisted from the MKT.
As previously reported, DGSE received a notice on April 12, 2016
from the MKT stating that DGSE is not in compliance with the MKT’s
continued listing standards of the Company Guide. Specifically,
Section 1003(a)(ii) of the Company Guide provides that the MKT will
consider delisting an issuer if the issuer has stockholders’ equity
of less than $4.0 million if such issuer has sustained losses
from continuing operations and/or net losses in three of its four
most recent fiscal years. The notice provided that DGSE is below
compliance with Section 1003(a)(ii) since DGSE reported
stockholders’ equity of $3.87 million as of December 31, 2015
and net losses in three of its four most recent fiscal years ended
December 31, 2015.
About DGSE Companies
DGSE Companies, Inc. wholesales and retails jewelry, diamonds,
fine watches, and precious metal bullion and rare coin products
through its Charleston Gold & Diamond Exchange, Chicago Gold
& Diamond (formerly Bullion Express), and Dallas Gold &
Silver Exchange operations. DGSE also owns Fairchild International,
Inc., one of the largest vintage watch wholesalers in the country.
In addition to its retail facilities in Illinois, South Carolina,
and Texas, the Company operates internet websites which can be
accessed at www.dgse.com, and www.cgdeinc.com. Real-time price
quotations and real-time order execution in precious metals are
provided on another DGSE website at www.USBullionExchange.com.
Wholesale customers can access the full vintage watch inventory
through the restricted site at www.FairchildWatches.com. The
Company is headquartered in Dallas, Texas and its common stock
trades on the NYSE MKT exchange under the symbol “DGSE.”
This press release includes statements which may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's products and services in the
marketplace, competitive factors, dependence upon third-party
vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission. By making
these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160531005208/en/
DGSE Companies, Inc.Matthew Peakes, 972-587-4021Chairman,
President and CEOinvestorrelations@dgse.com
DGSE Companies (AMEX:DGSE)
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