Party City Receives Continued Listing Standard Notice from the NYSE
April 14 2020 - 4:05PM
Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today
announced that it received notification from the New York Stock
Exchange (“NYSE”) on April 9, 2020 that the Company is no longer in
compliance with NYSE continued listing criteria that requires
listed companies to maintain an average closing share price of at
least $1.00 over a consecutive 30 trading-day period.
Under NYSE’s rules, the Company has a period of six months from
receipt of the notice to regain compliance with the NYSE’s minimum
share price requirement. In order to regain compliance, on the last
trading day of any calendar month during the cure period, the
Company’s shares of common stock, $0.01 par value per share (the
“Common Stock”), must have (i) a closing price of at least $1.00
per share and (ii) an average closing price of at least $1.00 per
share over the 30-trading day period ending on the last trading day
of such month.
The Company’s Common Stock will continue to be listed and traded
on the NYSE during this period, subject to its compliance with
other NYSE continued listing requirements. The Common Stock will
continue to trade under the symbol “PRTY” but will have an added
designation of “.BC” to indicate the status of the Common Stock as
“below compliance” with the NYSE continued listing standards. The
“.BC” indicator will be removed at such time as the Company regains
compliance.
The NYSE notification does not affect Party City’s business
operations or its Securities and Exchange Commission reporting
requirements, nor does it conflict with or cause an event of
default under the Company’s material debt or other agreements.
About Party City
Party City Holdco Inc. is the leading party goods company by
revenue in North America and, we believe, the largest vertically
integrated supplier of decorated party goods globally by revenue.
The Company is a popular one-stop shopping destination for party
supplies, balloons, and costumes. In addition to being a great
retail brand, the Company is a global, world-class organization
that combines state-of-the-art manufacturing and sourcing
operations, and sophisticated wholesale operations complemented by
a multi-channel retailing strategy and e-commerce retail
operations. The Company is the leading player in its category,
vertically integrated and unique in its breadth and depth. Party
City Holdco designs, manufactures, sources and distributes party
goods, including paper and plastic tableware, metallic and latex
balloons, Halloween and other costumes, accessories, novelties,
gifts and stationery throughout the world. The Company’s retail
operations include approximately 875 specialty retail party supply
stores (including franchise stores) throughout North America
operating under the names Party City and Halloween City, and
e-commerce websites, principally through the domain name
www.partycity.com.
Contacts
Investor Relations
ICR
Farah Soi and Rachel Schacter
203-682-8200
InvestorRelations@partycity.com
Media Relations
ICR
Brittany Fraser
203-682-8200
PartyCityPR@partycity.com
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