Christopher & Banks Corporation Announces Move to Trading on the OTC Markets Group
April 18 2019 - 6:30AM
Business Wire
- Acknowledges Suspension Notice from NYSE
and Commencement of Delisting Process -
- Notice does not Affect Day to Day
Operations, Liquidity or Credit Facility -
Christopher & Banks Corporation (NYSE: CBK), a specialty
women’s apparel retailer, today announced that yesterday afternoon
it received notification from The New York Stock Exchange (the
"NYSE") informing the Company that the NYSE has determined to
suspend trading of and to commence proceedings to delist the
Company's common stock from the NYSE because the Company has fallen
below the NYSE's continued listing standard that requires an
average global market capitalization of at least $15.0 million over
30 consecutive trading days.
The suspension and commencement of delisting proceedings does
not affect the Company's day to day operations, liquidity or credit
facility. The Company will continue to file periodic and certain
other reports with the SEC under applicable federal securities
laws.
The Company anticipates that its common stock will begin trading
later today on the Pink Market, operated by the OTC Markets Group
under the symbol “CBKC”. The Company intends to submit an
application to trade on the OTCQX Best Market.
The Company also intends to apply to relist its common stock on
a national exchange in the future upon meeting the applicable
listing standards of that exchange.
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based
national specialty retailer featuring exclusively designed
privately branded women’s apparel and accessories. As of April 18,
2019, the Company operates 457 stores in 45 states consisting of
313 MPW stores, 81 Outlet stores, 33 Christopher & Banks
stores, and 30 stores in its women’s plus size clothing division CJ
Banks. The Company also operates the www.christopherandbanks.com
eCommerce website.
Keywords: Christopher & Banks, CJ Banks, Women’s
Clothing, Plus Size Clothing, Petites, Extended Sizes, Outfits.
Forward-Looking Statements
Certain statements in this press release may constitute
forward-looking statements, made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
which reflect our current views with respect to certain events that
could have an effect on our future performance. The forward-looking
statements relate to expectations concerning matters that are not
historical facts and may use the words “will”, "expect",
"anticipate", "plan", "intend", "project", "believe", “should”,
"drive" "in order to" and similar expressions. Except for
historical information, matters discussed in this press release may
be considered forward-looking statements.
These forward-looking statements are based largely on
information currently available to our management and our current
expectations, assumptions, plans, estimates, judgments and
projections about our business and our industry, and are subject to
a number of uncertainties and risks, as well as assumptions that,
if they do not fully materialize or prove incorrect, could cause
the Company's future performance and financial results to differ
materially from those expressed or implied by the forward-looking
statements. We cannot guarantee their accuracy or our future
performance, and there are a number of known and unknown risks,
uncertainties, contingencies, and other factors (many of which are
outside our control) that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Accordingly, there is no assurance that our
expectations will, in fact, be achieved or that our estimates or
assumptions will be correct, and we caution investors and all
others not to place undue reliance on such forward-looking
statements.
Important factors that could cause actual results to differ
materially from estimates or projections contained in the
forward-looking statements include, but are not limited to, (i)
that there can be no assurance that an active market will be
maintained for the Company’s securities; (ii) that the trading
volume of the Company’s common stock will be sufficient to provide
for an efficient trading market; (iii) that quotes for the
Company’s common stock may be blocked in the future and (iv) those
factors described in Item 1A, “Risk Factors” and in the
“Forward-Looking Statements” disclosure in Item 7 “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of our latest annual report on Form 10-K. All
forward-looking statements that are made or attributable to us are
expressly qualified in their entirety by this cautionary notice.
The Company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes
make it clear that projected results expressed or implied in such
statements will not be realized.
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COMPANY:Keri JonesPresident and Chief Executive Officer(763)
551-5000
INVESTOR RELATIONS:Jean FontanaICR, Inc.(646) 277-1214