BEIJING, May 13, 2015 /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 set forth in
Section 802.01C of the Listed Company Manual ("Section 802.01C")
that requires a minimum average closing price of $1.00 per share of the Company's common stock
over a consecutive 30-trading-day period.
Under the NYSE regulations, the Company has a cure period of six
months from receipt of the NYSE's notice to achieve compliance with
the continued listing standard of Section 802.01C. 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 will provide the NYSE with the required response
within 10 business days of its receipt of the NYSE Notice, stating
its intent to cure this deficiency. The Company may consider
implementing a reverse stock split of its common stock, which the
Company received shareholder approval for at its annual general
meeting on December 29, 2014, in
order to effect a cure of its non-compliance with the Pricing
Standard within the appropriate timeframe and to avoid any future
non-compliance. If the Company decides to implement such a
reverse stock split, it will inform the NYSE in accordance with
applicable NYSE rules.
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, under the symbol "GSI", but will continue to be
assigned a ".BC" indicator. 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 all available
options to resolve this non-compliance and regain compliance with
the Pricing Standard.
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a
variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs,
manufactures, and integrates radio frequency identification
("RFID") systems. The Company's RFID technology provides real-time
data on supplies, inventory, and goods, thereby greatly enhancing
its customers' administration and planning processes, as well as,
asset tracking and supply chain 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 investor.relations@gshi-steel.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.
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
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SOURCE General Steel Holdings, Inc.