BEIJING, June 19, 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 (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 a 30 consecutive trading day period.
Pursuant to the NYSE's notification, the Company has a cure
period of three months from receipt of the notification, or to
September 15, 2014, to cure the
deficiency by regaining compliance with the minimum share price
criteria. The Company can regain compliance on an accelerated basis
if its common stock has a $1.00 share
price on the last trading day of any calendar month within the cure
period and the average share price over the 30 trading days
preceding the end of that month is also $1.00.
Under NYSE rules, the Company has 10 business days from the
receipt of the NYSE's notification to submit its intent to cure
this deficiency and a plan to the NYSE clearly outlining any
strategic or operational initiatives it intends to complete in
order to increase its share price, as well as the Company's first
quarter 2014 update. The Company intends to submit such plan and
update and will notify the NYSE that it intends to cure the
deficiency within the prescribed timeframe.
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 three-month
cure period, but will continue to be assigned a ".BC" indicator by
the NYSE to signify that the Company is not currently in compliance
with the NYSE's continued listing standards. The Company's business
operations and United States Securities and Exchange Commission
reporting requirements are not affected by the receipt of the
NYSE's notification. 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 rules.
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: (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.
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.