Pitney Bowes Announces Intention to Voluntarily Delist Preference Stock
April 10 2013 - 4:30PM
Business Wire
Pitney Bowes Inc. (NYSE: PBI) today announced that it has
notified the New York Stock Exchange (the “NYSE”) of its intention
to voluntarily delist its $2.12 Convertible Preference Stock (the
“Preference Stock”) from the NYSE.
The Company’s decision to delist the Preference Stock was driven
by the low number of shares outstanding, low daily trading volume,
listing fees and compliance administration costs. Currently, 23,928
shares of Preference Stock remain outstanding, which is below the
minimum number of shares specified by Section 802.01 of the NYSE
Listed Company Manual.
The Company expects the delisting of its Preference Stock to
become effective on or about April 22, 2013. The Company does not
intend to re-list the Preference Stock on another securities
exchange, but expects that the Preference Stock will be quoted on
one or more over-the-counter markets.
Delisting the Preference Stock from the NYSE will not affect its
terms, including dividend payments. The company intends to maintain
the Preference Stock’s registration under the Securities Exchange
Act of 1934, as amended.
The Company will continue to maintain the listing of its common
stock on the NYSE.
About Pitney Bowes
Pitney Bowes provides technology solutions for small, mid-size
and large firms that help them connect with customers to build
loyalty and grow revenue. The company’s solutions for
financial services, healthcare, legal, nonprofit, public sector and
retail organizations are delivered on open platforms to best
organize, analyze and apply both public and proprietary data to
two-way customer communications. Pitney Bowes is the only firm that
includes direct mail, transactional mail, call centers and in-store
technologies in its solution mix along with digital channels such
as the Web, email, live chat and mobile applications. Pitney Bowes
has approximately USD $5 billion in annual revenue and 27,000
employees worldwide. Pitney Bowes: Every connection is a new
opportunity™. www.pb.com
Forward-Looking Statements
This press release contains “forward-looking statements” about
our expected or potential future business and financial
performance. For us forward-looking statements include, but are not
limited to, statements about the expected quotation of the
Preference Stock on one or more over-the-counter markets or
statements about our future revenue and earnings guidance and other
statements about future events or conditions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that could cause actual results to differ
materially from those projected. These risks and uncertainties
include, but are not limited to: steps taken by third parties to
make the Preference Stock eligible for trading on one or more
over-the-counter markets; mail volumes; the uncertain economic
environment; timely development, market acceptance and regulatory
approvals, if needed, of new products; fluctuations in customer
demand; changes in postal regulations; interrupted use of key
information systems; management of outsourcing arrangements;
foreign currency exchange rates; changes in our credit ratings;
management of credit risk; changes in interest rates; the financial
health of national posts; and other factors beyond our control as
more fully outlined in the Company’s 2012 Form 10-K Annual Report
and other reports filed with the Securities and Exchange
Commission. Pitney Bowes assumes no obligation to update any
forward-looking statements contained in this document as a result
of new information, events or developments.
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