Aenza S.A.A. (the “Company”) hereby informs that, on
October 18, 2022, the Company received a letter (the “Notice”)
from the New York Stock Exchange (the “NYSE”) notifying the Company
that it is below criteria with respect to the average closing price
criteria of the continued listing standard of the NYSE applicable
to the Company’s American Depositary Shares (“ADSs”) because, as of
October 17, 2022, the average closing price of the Company’s
ADSs was less than US$1.00 per ADS over a consecutive 30
trading-day period (the
“ADS price deficiency”).
Pursuant to Section 802.01C of the NYSE Listed Company Manual
and the Notice, the Company has six months (the “Cure Period”)
following receipt of the Notice to regain compliance with the
minimum share price requirement. The Company can regain compliance
at any time during the Cure Period if on the last trading day of
any calendar month during the Cure Period the Company has a closing
share price of at least $1.00 and 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. In the event that at the expiration of
the Cure Period, both a $1.00 closing share price on the last
trading day of the Cure Period and a $1.00 average closing share
price over the 30 trading-day period ending on the last
trading day of the Cure Period are not attained, the NYSE will
commence suspension and delisting procedures.
The Notice has no immediate effect on the Company’s NYSE listing or
the trading of its ADSs. The Company has notified the NYSE on
October 27, 2022 of its intent to cure the ADS price
deficiency. To address the ADS price deficiency, the Company
intends to change the ratio of its ADSs to its ordinary shares. The
Company will monitor the market conditions of its listed securities
and is considering all alternatives available to it. During the
Cure Period, the Company’s ADSs will continue to be listed and
traded on the NYSE, subject to its compliance with other NYSE
continued listing standards and other rights of the NYSE to delist
the ADSs.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the
United States 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” and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency contains forward-looking statements. The Company may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. 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, including but not
limited to the following: the Company’s goal and strategies; the
Company’s expansion plans; the Company’s future business
development, financial condition and results of operations; the
Company’s expectations regarding demand for, and market acceptance
of, its products; the Company’s expectations regarding keeping and
strengthening its relationships with customers, business partners
and other parties it collaborates with; general economic and
business conditions; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in the Company’s filings with the U.S. Securities
and Exchange Commission. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.