A. M. Castle & Co. Receives Notice Regarding NYSE Continued Listing Standards
October 25 2016 - 4:01PM
A. M. Castle & Co. (NYSE:CAS) (the “Company” or “Castle”), a
global distributor of specialty metal and supply chain solutions,
today announced that on October 19, 2016, the Company received
written notice from the New York Stock Exchange (the “NYSE”) that
it is not in compliance with the continued listing standards set
forth in Section 802.01C of the NYSE Listed Company Manual (the
“Notice”). The Company is considered below criteria established by
the NYSE for continued listing because the average closing price of
its common stock was less than $1.00 over a consecutive 30
trading-day period.
In accordance with applicable NYSE procedures,
the Company notified the NYSE on October 25, 2016, of its intention
to cure this noncompliance. In accordance with the NYSE rules, the
Company has six months from the date of receipt of the Notice to
achieve compliance with the continued listing standards of Section
802.01C. The Company can regain compliance at any time during the
six-month cure period if the Company’s common stock has a closing
share price of at least $1.00 on the last trading day of any
calendar month during the period and also has an average closing
share price of at least $1.00 over the 30 trading-day period ending
on the last trading day of that month.
As previously disclosed in the Company’s Form
8-K filed with the Securities and Exchange Commission on January
25, 2016, the Company received written notice from the NYSE that it
is not in compliance with the continued listing standards set forth
in Section 802.01B of the NYSE Listed Company Manual because the
Company’s average market capitalization had been less than $50
million over a consecutive 30 trading-day period, and at the same
time its last reported stockholders’ equity was below $50 million.
The Company is currently implementing its plan to return to
conformity with the relevant standards required in Section 802.01B
within the 18-month period allowed by the NYSE.
The Company is actively monitoring the price of
its common stock and will consider available options to resolve the
deficiency and achieve compliance with Rule 802.01C. The Company’s
common stock will continue to be listed and traded on the NYSE
during the cure period, subject to compliance with the NYSE’s other
applicable continued listing standards.
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.
Its common stock is traded on the New York Stock Exchange under the
ticker symbol "CAS".
Cautionary Statements Regarding
Forward-Looking InformationInformation provided and
statements contained in this release that are not purely historical
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended (“Securities Act”), Section
21E of the Securities Exchange Act of 1934, as amended (“Exchange
Act”), and the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements only speak as of the date of this
release and the Company assumes no obligation to update the
information included in this release. Such forward-looking
statements include information concerning our possible or assumed
future results of operations, including descriptions of our
business strategy, and the cost savings and other benefits that we
expect to achieve from our facility closures and organizational
changes. These statements often include words such as “believe,”
“expect,” “anticipate,” “intend,” “predict,” “plan,” "should," or
similar expressions. These statements are not guarantees of
performance or results, and they involve risks, uncertainties, and
assumptions. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many
factors that could affect our actual financial results or results
of operations and could cause actual results to differ materially
from those in the forward-looking statements, including our ability
to effectively manage our operational initiatives and refinancing
activities, the impact of volatility of metals prices, the cyclical
and seasonal aspects of our business, our ability to effectively
manage inventory levels, our ability to successfully complete the
remaining steps in our deleveraging plan, and the impact of our
substantial level of indebtedness, as well as including those risk
factors identified in Item 1A “Risk Factors” of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2015, as
amended. All future written and oral forward-looking statements by
us or persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
above. Except as required by the federal securities laws, we do not
have any obligations or intention to release publicly any revisions
to any forward-looking statements to reflect events or
circumstances in the future, to reflect the occurrence of
unanticipated events or for any other reason.
For Further Information:
-At ALPHA IR-
Analyst Contact
Chris Donovan or Chris Hodges
(312) 445-2870
Email: CAS@alpha-ir.com