Superior Industries Addresses NYSE Continued Listing Standards
June 09 2020 - 8:30AM
Business Wire
Superior Industries International, Inc. (NYSE:SUP), one
of the world’s leading aluminum wheel suppliers for OEMs and the
European aftermarket, announced today that on June 5, 2020, it
received notice (the “Notice”) from the New York Stock Exchange
(“NYSE”) that it currently is not in compliance with the continued
listing standards set forth in Section 802.01B of the NYSE’s Listed
Company Manual due to the fact that the Company’s average global
market capitalization over a consecutive 30 trading-day period was
less than $50 million and, at the same time, its shareholders’
equity was less than $50 million.
The Notice has no immediate impact on the listing of the
Company’s common stock, does not affect the Company’s ongoing
business operations or its reporting obligations with the
Securities and Exchange Commission, and does not conflict with or
cause an event of default under any of the Company’s debt or other
agreements.
As a result of the Notice, the Company became subject to the
procedures set forth in Rule 802.02 of the NYSE Listed Company
Manual and in accordance with such procedures, the Company intends
to submit a business plan within 45 days of receipt of the Notice
that demonstrates the Company’s ability to resume compliance with
the continued listing standards. Upon receipt of this plan, the
NYSE will have up to 45 days to review and determine whether the
Company has made a reasonable demonstration of its ability to come
into conformity with the listing standards. If the plan is accepted
by the NYSE, the Company would be subject to ongoing quarterly
monitoring for compliance with the plan and have up to 18 months
from July 1, 2020 to demonstrate compliance. If the plan is not
accepted, or if the Company fails to maintain compliance with the
plan, the Company would be subject to delisting proceedings.
The Company remains confident in its business prospects and
liquidity position and believes that it will successfully resume
compliance with the NYSE’s continued listing standards. For
reference, the market capitalization of the Company was above $50
million prior to the stock market decline triggered by the COVID-19
pandemic, and as of the close of business on June 8, 2020,
Superior’s market capitalization was $54 million.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers.
Superior’s team collaborates and partners with customers to design,
engineer, and manufacture a wide variety of innovative and
high-quality products utilizing the latest lightweighting and
finishing technologies. Superior also maintains leading aftermarket
brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Southfield, Michigan, Superior is listed on the New York Stock
Exchange. For more information, please visit www.supind.com.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts
and can generally be identified by the use of future dates or words
such as “intend,” “may,” “should,” “could,” “will,” “expects,”
“expected,” “seeks to,” “anticipates,” “plans,” “believes,”
“estimates,” “intends,” “outlook”, “predicts,” “projects,”
“potential” or “continue,” or the negative of such terms and other
comparable terminology. These statements also include, but are not
limited to, the intention to submit a plan to the NYSE and
Superior’s ability to return to compliance of the continued listing
standards set forth in Section 802.01B of the NYSE’s Listed Company
Manual. These statements are not guarantees of future performance
and involve risks, uncertainties, and assumptions that are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, risks, and
uncertainties discussed in Superior's Securities and Exchange
Commission filings and reports, including Superior's current Annual
Report on Form 10-K, and other reports from time to time filed with
the Securities and Exchange Commission. You are cautioned not to
unduly rely on such forward-looking statements when evaluating the
information presented in this press release. Such forward-looking
statements speak only as of the date on which they are made, and
Superior does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200609005293/en/
Superior Investor Relations: Troy Ford (248) 234-7104
Investor.Relations@supind.com
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