BEIJING, July 25, 2013 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, today announced that the New York Stock
Exchange (the "NYSE") has notified the Company that it has fallen
below the NYSE's continued listing standard that requires a minimum
average closing price of $1.00 per
share over 30 consecutive trading days.
Under the NYSE rules, the Company has a cure period of six
months from receipt of the notice to cure the deficiency by
regaining compliance with the minimum share price requirement. The
Company can regain compliance at any time during the six-month 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
$1.00 and an average closing share
price of at least $1.00 over the 30
trading-day period ending on the last trading day of that
month.
Subject to compliance with the NYSE's other continued listing
requirements and subject to ongoing oversight, the Company's common
stock will continue to be listed and trade on the NYSE during the
six-month cure period. The Company has notified the NYSE following
its receipt of the notice to indicate its intent to cure this
deficiency. The Company intends to actively monitor the closing bid
price of its common stock during the cure period, and will evaluate
available options to resolve this deficiency and regain compliance
with the NYSE rules. The Company's business operations and SEC
reporting requirements are not affected by the receipt of the NYSE
notification.
"We remain focused on bringing the Company current in its
reporting obligations and on improving fundamentals," said
John Chen, Chief Financial Officer
of General Steel, "We are encouraged by the improving results
achieved in the fourth quarter of 2012, and we continue to make
subsequent progress in our business processes. We have already
completed the filing of our financial reports for 2011 and 2012,
and we anticipate reporting our first quarter 2013 financial
results and hosting a live conference call with investors as soon
as practical in August. We are committed to regaining compliance
with the NYSE listing standards and look forward to updating
shareholders about our business strategy and operating plans
soon."
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel
products including rebar, high-speed wire and spiral-weld pipe. The
Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous
Region and Tianjin municipality
with seven million metric tons of crude steel production capacity
under management. For more information, please visit
www.gshi-steel.com.
To be added to the General Steel email list to receive Company
news, please send your request to
generalsteel@asiabridgegroup.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, and include: (a) those risks and uncertainties related
to general economic conditions in China, including regulatory factors that may
affect such economic conditions; (b) whether the Company is able to
manage its planned growth efficiently and operate profitable
operations, including whether its management will be able to
identify, hire, train, retain, motivate and manage required
personnel or that management will be able to successfully manage
and exploit existing and potential market opportunities; (c)
whether the Company is able to generate sufficient revenues or
obtain financing to sustain and grow its operations; (d) whether
the Company is able to successfully fulfill our primary
requirements for cash; and (e) other risks, including those
disclosed in the Company's Form 10-K, filed with the SEC.
Forward-looking statements contained herein speak only as of
the date of this release. The Company does not undertake any
obligation to update or revise publicly any forward-looking
statements, whether to reflect new information, future events or
otherwise.
Contact Us
In China:
Jenny Wang
General Steel Holdings, Inc.
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com
In the US:
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
SOURCE General Steel Holdings, Inc.