Superior Industries Announces NYSE Acceptance of Continued Listing Compliance Plan
September 08 2020 - 5:42PM
Business Wire
Superior Industries International, Inc. (NYSE:SUP), one
of the world’s leading light vehicle aluminum wheel suppliers for
OEMs and the European aftermarket, today announced that the New
York Stock Exchange (“NYSE”) accepted the Company’s plan to regain
compliance with the continued listing standards set forth in
Section 802.01B of the NYSE’s Listed Company Manual.
“We are pleased that the NYSE has accepted our plan to regain
compliance with its continued listing standards,” said Majdi
Abulaban, President and Chief Executive Officer of Superior. “Our
team remains focused on our long-term value creation roadmap, which
is founded on enhancing cash flow and financial performance,
executing on our portfolio of premium and innovative technologies,
and leveraging our strong customer relationships. Our decisive
response to the COVID-19 pandemic has enabled us to safely restart
all of our operations, execute $40 million in cost reduction
initiatives, and maintain strong liquidity(1), which stood at
approximately $275 million at the end of August. Further, we expect
to be free cash flow positive beginning in the third quarter and
continuing throughout the end of the year, thereby achieving our
objective to be cash flow breakeven for full year 2020.”
As previously disclosed, on June 5, 2020, Superior received a
notice from the NYSE that the Company was not in compliance with
NYSE listing standard 802.01B because at such time the Company’s
average global market capitalization over a consecutive 30
trading-day period was less than $50 million and, at the same time,
its shareholders' equity was less than $50 million.
Based upon a review of the compliance plan and information
submitted by Superior, the NYSE has accepted the submission. In
accordance with NYSE rules, the Company will now be given until
January 1, 2022 to regain conformity with the continued listing
standards. The Company's common stock will continue to be listed on
the NYSE during such time, subject to the Company's compliance with
other continued listing standards. The Company will also be subject
to quarterly monitoring by the NYSE for compliance with the plan.
If the Company fails to comply with the plan or does not meet the
continued listing standards at the end of the cure period, it will
be subject to the prompt initiation of NYSE suspension and
delisting procedures.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers.
Superior’s team collaborates and partners with customers to design,
engineer, and manufacture a wide variety of innovative and
high-quality products utilizing the latest lightweighting and
finishing technologies. Superior also maintains leading aftermarket
brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Southfield, Michigan, Superior is listed on the New York Stock
Exchange. For more information, please visit www.supind.com.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts
and can generally be identified by the use of future dates or words
such as “intend,” “may,” “should,” “could,” “will,” “expects,”
“expected,” “seeks to,” “anticipates,” “plans,” “believes,”
“estimates,” “intends,” “outlook”, “predicts,” “projects,”
“potential” or “continue,” or the negative of such terms and other
comparable terminology. These statements also include, but are not
limited to, Superior’s ability to return to compliance of the
continued listing standards set forth in Section 802.01B of the
NYSE’s Listed Company Manual. These statements are not guarantees
of future performance and involve risks, uncertainties, and
assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements due to numerous
factors, risks, and uncertainties discussed in Superior's
Securities and Exchange Commission filings and reports, including
Superior's current Annual Report on Form 10-K, and other reports
from time to time filed with the Securities and Exchange
Commission. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information
presented in this press release. Such forward-looking statements
speak only as of the date on which they are made, and Superior does
not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200908006028/en/
Superior Investor Relations:
Troy Ford (248) 234-7104 Investor.Relations@supind.com
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