BEIJING, Jan. 2, 2014 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, today announced the proposals (the
"Proposals") brought before the Company's stockholders (the
"Stockholders") at its 2013 annual meeting of the Stockholders (the
"Annual Meeting"), which was held on December 27, 2013.
The Stockholders took the following actions regarding the
Proposals:
- Elected five members to General Steel's Board of Directors to
serve until the annual meeting of Stockholders to be held in 2014
and until their respective successors are elected and
qualified;
- Ratified the appointment of Friedman LLP as the independent
registered public accounting firm of the Company for the fiscal
year ending December 31, 2013;
- Approved and ratified an amendment to the Company's 2008 Equity
Incentive Plan to increase the number of shares of common stock
reserved for issuance thereunder to 5,000,000;
- Approved, on a non-binding basis, the compensation of the
Company's Named Executive Officers; and
- Approved a reverse stock split (the "Reverse Split") of the
Company's common stock, pursuant to which, each Stockholder will
receive one share of the Company's common stock in exchange for
every two, three or four shares of the Company's common stock owned
at the effective time of the Reverse Split, with the exact ratio to
be determined by the Company's Board of Directors.
Company regained compliance with continued listing standards
of minimum share price requirement; Board deemed Reverse Split
unnecessary at this time:
At the Annual Meeting, Stockholders holding a total of
approximately 70% of the Company's common stock voted in favor of
the Reverse Split. The Reverse Split intended to aid the Company in
regaining compliance with the New York Stock Exchange's (the
"NYSE") minimum average closing price continued listing standard
(the "Continued Listing Standard"). On December 6, 2013, the Company received
confirmation from the NYSE that it had regained compliance with the
Continued Listing Standard of minimum share price requirement of
$1.00, after its closing price and
30-trading day average price reached $1.07 and $1.00,
respectively, on November 29, 2013.
Therefore, the board of directors of the Company decided not to
effectuate the Reverse Split at this time, although it may still do
so in the future if it determines that such actions are in the best
interests of the Company and the Stockholders.
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, or to request a hard copy of the Company's Annual Report on
Form 10-K, 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, but are not limited to: (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 United States
Securities and Exchange Commission. 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
General Steel Holdings, Inc.
In China:
Jenny Wang
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.