Regis Corporation Receives Continued Listing Notice From NYSE
June 14 2022 - 5:41PM
Business Wire
Regis Corporation (NYSE: RGS), a leader in the haircare
industry, today announced that it has received written notice (the
“Notice”) from the New York Stock Exchange (“NYSE”) that the
Company does not presently meet certain NYSE continued listing
standards. Under the NYSE continued listing standards, the Company
is required to maintain (a) a minimum average closing price of
$1.00 per share over a period of 30 consecutive trading days, and
(b) an average market capitalization of at least $50 million over a
period of 30 consecutive trading days, and at the same time total
stockholders’ equity equal to or greater than $50 million. As set
forth in the Notice, as of June 10, 2022, the 30 trading-day
average price of the Company’s common stock was $0.89; as of June
10, 2022 the 30 trading-day average market capitalization was $40.7
million, and its last reported stockholders’ equity was $11.1
million as of March 31, 2022.
Pursuant to applicable NYSE rules, the Company plans to timely
notify the NYSE that it intends to pursue actions to meet the
minimum average share price requirement by pursuing measures that
are in the best interests of the Company and its shareholders. The
NYSE provides for a period of six months following receipt of the
Notice for the Company to meet the share price standard and regain
compliance for continued listing on the NYSE.
The Company also plans to timely notify the NYSE that it intends
to present a plan to meet the minimum market capitalization
requirement pursuant to applicable NYSE rules. The NYSE provides
for a period of 45 days from receipt of the notice to submit a plan
advising the NYSE of definitive actions the Company has taken, or
is taking, to bring it into conformity with the market
capitalization listing standard within 18 months of receipt of the
Notice. The Company is closely monitoring the closing price of its
common stock and intends to consider all options to develop and
submit a plan to bring it into compliance with the minimum
capitalization standard within the required timeframe by pursuing
measures that are in the best interests of the Company and its
shareholders.
As previously stated, during this period, the Company’s common
stock will continue to be listed and traded on the NYSE. The Notice
does not affect the Company’s business operations, or its
Securities and Exchange Commission reporting requirements, and does
not conflict with or trigger any violation under the Company’s
material debt or other agreements.
About Regis Corporation
Regis Corporation (NYSE:RGS) is leader in the beauty salon
industry. As of March 31, 2022, the Company franchised, owned or
held ownership interests in 5,697 worldwide locations. Regis'
franchised and corporate locations operate under concepts such as
Supercuts®, SmartStyle®, Cost Cutters®, Roosters® and First Choice
Haircutters®. Regis maintains an ownership interest in Empire
Education Group in the U.S. For additional information about the
Company, please visit the Investor Information section of the
corporate website at www.regiscorp.com.
This press release contains or may contain “forward-looking
statements” within the meaning of the federal securities laws,
including statements concerning anticipated future events and
expectations that are not historical facts. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements in this document reflect management's
best judgment at the time they are made, but all such statements
are subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those expressed in or
implied by the statements herein. Such forward-looking statements
are often identified herein by use of words including, but not
limited to, “may,” “believe,” “project,” “forecast,” “expect,”
“estimate,” “anticipate,” “intend” and “plan.” In addition, the
following factors could affect the Company's actual results and
cause such results to differ materially from those expressed in
forward-looking statements. These factors include our ability to
regain compliance with the NYSE listing requirements, future
compliance with such requirements, potential future application of
suspension and delisting procedures and future quotation of our
common stock, and other potential factors that could affect future
financial and operating results as set forth under Item 1A of our
Form 10-K. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. However, your attention is
directed to any further disclosures made in our subsequent annual
and periodic reports filed or furnished with the SEC on Forms 10-K,
10-Q and 8-K and Proxy Statements on Schedule 14A.
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version on businesswire.com: https://www.businesswire.com/news/home/20220614005988/en/
REGIS CORPORATION: Kersten Zupfer
investorrelations@regiscorp.com
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