Amira Nature Foods, Ltd. Receives a Continued Listing Standard Letter from the NYSE
December 17 2018 - 4:05PM
Business Wire
Amira Nature Foods, Ltd. (NYSE: ANFI) (the “Company”) announced
today that New York Stock Exchange Regulation, Inc. (“NYSE”) by
letter dated November 16, 2018 notified the Company that its
Ordinary Shares did not satisfy one of the standards for continued
listing on the NYSE.
The NYSE requires a listed company’s stock to maintain an
average closing price per share in excess of $1.00 for a
consecutive 30-trading-day period. As of November 13, 2018, the
average closing price per share of the Company’s Ordinary Shares
over the preceding 30-trading-day period was $0.99.
Under the NYSE’s rules, the Company has a period of six months,
subject to possible extension, to bring its share price and
30-trading-day average share price back over $1.00. The Company’s
Ordinary Shares will continue to be listed and traded on the NYSE
during this period, subject to the Company’s compliance with other
continued listing standards of the NYSE. The Company plans to
notify the NYSE that it anticipates that this deficiency will be
cured and that it will return to compliance with the NYSE’s minimum
share price continued listing standard.
The NYSE notification has no impact on the Company’s business
operations.
About Amira Nature Foods, Ltd.
Founded in 1915, Amira has evolved into a leading global
provider of branded packaged specialty rice, including Basmati and
other food products, with sales across five continents around the
world. The Company primarily sells Basmati rice, which is a premium
long-grain rice grown only in the geographically indicated region
of the Indian sub-continent, under its flagship Amira brand as well
as under other third-party brands. Amira sells its products in both
the developed and emerging markets. The Company’s global
headquarters are in Dubai, United Arab Emirates, and it also has
offices in India, Malaysia, Singapore, Germany, the United Kingdom,
and the United States. Amira Nature Foods, Ltd. is listed on the
New York Stock Exchange (NYSE) under the ticker symbol “ANFI.”
For more information, please visit www.amira.net.
Forward-Looking Statements
This Press Release by Amira Nature Foods, Ltd. (the “Company”)
contains statements of a forward-looking nature. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “except,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “future” or other similar
expressions. We have based these forward-looking statements largely
on the Company’s current expectations and projections about future
events and financial trends that the Company believes may affect
the Company’s financial condition, results of operations, business
strategy and financial needs. There is no assurance that the
Company’s current expectations and projections are accurate. These
forward-looking statements include, but are not limited to risks
and uncertainties involving the Company including that: (i) the
Company’s intends to satisfy the NYSE’s standard listing
deficiency, (ii) under NYSE rules, the Company has six months from
receipt of the notification to comply with the NYSE listing
standards; (iii) that the Company can regain compliance at any time
during this six-month period by bringing its share price and
30-trading-day average share price back over $1.00; (iv) that the
Company’s shares will continue to be listed on the NYSE, subject to
compliance with other continued listing requirements, and (v) that
the Company will remain listed on the NYSE are forward-looking
statements within the meaning of the Safe Harbor. All
forward-looking statements in this press release are based on
information available to the Company on the date hereof. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results to differ
materially from those implied by the forward-looking statements.
More detailed information about these risk factors are set forth in
the Company’s filings with the Securities and Exchange Commission,
including, but not limited to, those risks and uncertainties listed
in the section entitled “Risk Factors,” in the Company’s Annual
Report on Form 20-F filed with the Securities and Exchange
Commission on October 16, 2018. The Company operates in a
rapidly evolving environment. New risk factors emerge from time to
time, and it is impossible for the Company’s management to predict
all risk factors, nor can the Company assess the impact of all
factors on Company’s business or the extent to which any factor, or
combination of factors, may cause actual results to differ from
those contained in any forward-looking statement. The Company does
not undertake any obligation to update or revise the
forward-looking statements except as required under applicable
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181217005759/en/
Company Contact:Varun Sethi, Chief Financial
OfficerVarun.Sethi@theamiragroup.com
Amira Nature Foods (NYSE:ANFI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amira Nature Foods (NYSE:ANFI)
Historical Stock Chart
From Sep 2023 to Sep 2024