ZHANGZHOU, China, June 15, 2018 /PRNewswire/ -- China Zenix
Auto International Limited (NYSE: ZX) ("the Company"), the largest
commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market
by sales volume, today announced it has received a delisting notice
from the NYSE. The delisting became effective on June 14, 2018.
The delisting decision was made by the NYSE staff in relation to
a review of the trading of the Company's stock during certain
periods in 2015 and 2016 when its stock price fell below the NYSE
minimum price requirement. The Company was disappointed by the
decision of the NYSE staff and disagrees with their factual
findings. The Company has decided to appeal against the NYSE
delisting decision. In the meantime, the Company will apply
for its common stock to be quoted and traded on the OTCQX.
The Company remains committed to protecting shareholder value
despite the delisting. The Company has a strong cash position, with
bank balances and cash of RMB783.7
million (US$124.9 million) and
fixed bank deposits with a maturity period over three months of
RMB290.0 million (US$46.2 million) as of March 31, 2018. The board of directors will
explore options of deploying some of the available cash through
share buybacks and cash dividends.
The Company will continue filing its periodic reports with the
Securities Exchange Commission. The Company plans to report its
financial results for the second quarter on or before August 17, 2018.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial
vehicle wheel manufacturer in China in both the aftermarket and OEM market
by sales volume. The Company offers more than 798 series of
aluminum wheels, tubed steel wheels, tubeless steel wheels, and
off-road steel wheels in the aftermarket and OEM markets in
China and internationally. The
Company's customers include large PRC commercial vehicle
manufacturers, and it also exports products to over 80 distributors
in more than 28 countries worldwide. With six large, strategically
located manufacturing facilities in multiple regions across
China, the Company has a designed
annual production capacity of approximately 15.5 million units of
steel and aluminum wheels as of December 31,
2017. For more information, please
visit: www.zenixauto.com/en.
Safe Harbor
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. The
Company may make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Further information regarding these risks is included in
our filings with the SEC. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments is as of the date of the press
release, and the Company undertakes no duty to update such
information, except as required under applicable law.
For more information, please contact
Kevin Theiss
Awaken Advisors
Tel: +1-(212) 521-4050
Email: Kevin.Theiss@awakenlab.com
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SOURCE China Zenix Auto International Limited