Natuzzi S.p.A. Received Continued Listing Standard Notice From the NYSE
April 25 2020 - 12:23PM
Business Wire
The Company Notified the NYSE That It Does
Not Intend to Regain Compliance Within the Prescribed
Timeframe
Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or the “Company”) announced
today that on April 7, 2020 it received notice from the New York
Stock Exchange, Inc. (the “NYSE“) that the Company is no longer in
compliance with one of the NYSE’s continued listing standards for a
listed company because the average closing price of the Company’s
American Depositary Receipts (“ADRs”) was less than US$1.00 over a
consecutive 30-trading day-period (the “Dollar Price
Standard”).
NYSE notified the Company that its ADRs would be delisted if it
is not able to comply with the Dollar Price Standard within the
applicable cure period. As of April 6, 2020, the average closing
price of Natuzzi’s ADRs over the preceding consecutive 30
trading-day period was US$ 0.78 per ADR. The issuance of the
notification is not discretionary and is sent automatically when a
listed company’s share price falls below the Dollar Price
Standard.
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
US$1.00 and an average closing share price of at least US$1.00 over
the 30 trading-day period ending on the last trading day of that
month. In the event that the Company is not in compliance with the
Dollar Price Standard at the end of the cure period, the Company
expects that the NYSE will commence suspension and delisting
procedures. Until then, the Company’s shares are expected to
continue to be listed and traded on the NYSE, subject to compliance
with other NYSE continued listing standards.
A delisting from the NYSE is not expected to affect the
Company’s business operations and is not expected to conflict with
or cause an event of default under any of the Company’s material
debt or other agreements.
Since March 17, 2020, the Company has also not been in
compliance with the NYSE’s continued listing standard set forth in
Section 802.01(b) of the NYSE Listed Company Manual, which requires
the Company to maintain an average global market capitalization of
not less than US$15 million over a consecutive 30-trading day
period (the “Capitalization Standard”).
In response to the COVID-19 outbreak, the NYSE has suspended the
application of the Dollar Price Standard and of the Capitalization
Standard until June 30, 2020. In light of this, the cure period for
the Company to regain compliance with the Dollar Price Standard
will expire on December 16, 2020. However, the Company’s current
capitalization (equal to US$ 6.0 million as of April 24, 2020)
suggests that the NYSE may commence proceedings to delist the
Company’s ADRs from the NYSE within 30 trading days of the
expiration of the suspension period of the Capitalization Standard,
regardless of any action taken by the Company to cure its
non-compliance with the Dollar Price Standard prior to the
expiration of the cure period for the Dollar Price Standard.
Therefore, the Company notified the NYSE on April 21, 2020 that it
does not currently intend to take any action in connection with its
non-compliance with the Dollar Price Standard. The Company may
reconsider this in the future if, among other things, its global
market capitalization has risen above US$15 million following the
Covid-19 suspension
*****
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any such securities have not been registered under
the U.S. Securities Act of 1933 (as amended, the “Securities Act”)
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements set forth in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
involve risks and uncertainties that could cause the Company’s
actual results to differ materially from those stated or implied by
such forward-looking statements. More information about the
potential factors that could affect the Company’s business and
financial results is included in the Company’s filings with the
SEC, including the Company’s most recent Annual Report on Form
20-F. The Company undertakes no obligation to update any of the
forward-looking statements after the date of this press
release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global
players in the furniture industry with an extensive manufacturing
footprint and a global retail network. Natuzzi is the European
lifestyle best-known brand in the upholstered furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2018) and has
been listed on the New York Stock Exchange since May 13, 1993.
Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified
(Quality and Environment), OHSAS 18001 certified (Safety on the
Workplace) and FSC® certified (Forest Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20200425005009/en/
NATUZZI INVESTOR RELATIONS Piero Direnzo | tel.
+39.080.8820.812 | pdirenzo@natuzzi.com
NATUZZI CORPORATE COMMUNICATION Vito Basile (Press
Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com
Natuzzi S P A (NYSE:NTZ)
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