BEIJING, Jan. 15, 2014 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that the New York Stock
Exchange, Inc. (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 of the Company's common stock
over a 30 consecutive trading day period.
Under the NYSE regulations, the Company has a cure period of six
months from receipt of the NYSE's 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 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.
The Company responded to the NYSE within the required response
period, stating its intent to cure this deficiency. Subject to
compliance with the NYSE's other continued listing standards and
ongoing oversight, the Company's common stock will continue to be
listed and traded on the NYSE during the six-month cure period. The
Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notice. The Company intends to actively
monitor the closing price of its common stock during the cure
period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE
regulations.
About General Steel
General Steel, 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 most recent Annual Report on 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.