Accuride Corporation Receives Non-Compliance Notice from the NYSE
October 30 2008 - 5:01PM
Business Wire
Today, Accuride Corporation (NYSE:�ACW) announced that on October
24, 2008, the Company was notified by NYSE Regulation Inc. (NYSER)
that the Company is not in compliance with the New York Stock
Exchange (NYSE) continued listing standard requiring the Company�s
common stock to maintain an average closing price of not less than
$1.00 per share over a consecutive 30 trading-day period. The NYSE
requires notification from the Company within 10 business days of
the date of the NYSER notice of the Company�s intent to cure the
noncompliance or it will be subject to suspension and delisting
procedures. Under the NYSE�s rules, the Company has six months from
the date of the NYSER notice to cure this deficiency before the
NYSE will initiate suspension and delisting procedures. During this
period, the Company�s common stock will remain listed on the NYSE,
subject to the NYSE�s normal on-going reassessment and to
compliance with other applicable NYSE continued listing
requirements, including the minimum global market capitalization
standard, which requires the Company to maintain an average global
market capitalization of at least $25 million over a consecutive 30
trading-day period. The Company�s common stock remains listed on
the NYSE under the symbol �ACW�. Accuride is exploring alternatives
for curing this deficiency and restoring compliance with the
continued listing standards. The Company noted that the NYSE
notification will not affect the Company�s business operations and
does not change its SEC reporting requirements. The Company will
continue to monitor its compliance with the $25 million global
market capitalization standard, but may not be able to maintain
this market capitalization level. Any failure to comply with this
standard would result in the NYSE promptly initiating suspension
and delisting procedures without any cure period. Depending on the
upcoming closing prices of the Company�s common stock,
noncompliance with this standard would occur within the next two
weeks unless the consecutive 30 trading-day average price of the
Company�s common stock is at least $0.70 per share. If delisted,
the Company expects its common stock will be traded through normal
brokerage channels over-the-counter. A move to another exchange
would not affect the Company�s business operations and would not
change its SEC reporting requirements. Accuride Corporation is one
of the largest and most diversified manufacturers and suppliers of
commercial vehicle components in North America. Accuride�s products
include commercial vehicle wheels, wheel-end components and
assemblies, truck body and chassis parts, seating assemblies and
other commercial vehicle components. Accuride�s products are
marketed under its brand names, which include Accuride, Gunite,
Imperial, Bostrom, Fabco and Brillion. For more information, visit
Accuride�s website at http://www.accuridecorp.com. Forward-looking
statements Statements contained in this news release that are not
purely historical are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company�s expectations, hopes, beliefs and
intentions on strategies regarding Accuride�s future results. It is
important to note that the Company�s actual future results could
differ materially from those projected in such forward-looking
statements because of a number of factors, including but not
limited to, market demand in the commercial vehicle industry,
general economic, business and financing conditions, labor
relations, governmental action, competitor pricing activity,
expense volatility and other risks detailed from time to time in
the Company�s Securities and Exchange Commission filings.
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