Ferroglobe receives NASDAQ letter regarding non-compliance with minimum bid price requirement
November 19 2019 - 9:20AM
Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or “the Company”), the
world’s leading producer of silicon metal, and a leading silicon-
and manganese-based specialty alloys producer, today announced that
it has received a notification letter from the Listing
Qualifications Department of the NASDAQ Stock Exchange LLC
(“NASDAQ”), notifying the Company that the minimum bid price for
its ordinary shares has been below $1.00 for a period of 30
consecutive trading days and the Company therefore no longer meets
the minimum bid price requirement of NASDAQ listing rule 5550(a)(2)
(the “Minimum Bid Requirement”).
The notification received has no immediate
effect on the listing of the Company’s ordinary shares on NASDAQ.
Under the NASDAQ listing rules, the Company has until May 18,
2020 to become compliant with the Minimum Bid Requirement. If
the closing bid price of the Company’s ordinary shares is at least
$1 for a minimum of 10 consecutive business days during the period
to May 18, 2020, NASDAQ will provide written confirmation of
compliance with the Minimum Bid Requirement and the matter will be
closed.
If the Company does not regain compliance by May
18, 2020, the Company may be eligible for an additional period of
180 days during which to achieve compliance, provided that the
Company otherwise meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for NASDAQ other than the Minimum Bid Requirement and
provides written notice of its intention to remedy the
non-compliance during this second compliance period, by effecting a
reverse stock split if necessary. NASDAQ has the right not to
grant the additional cure period if it appears to it that the
Company will not be able to cure the deficiency or is not otherwise
eligible.
The Company intends to continue actively to
monitor the bid price for its ordinary shares throughout the period
to May 18, 2020 and to take appropriate measures to remedy the
deficiency and regain compliance with the Minimum Bid
Requirement.
About Ferroglobe
Ferroglobe is one of the world’s leading
suppliers of silicon metal, silicon- and manganese-based specialty
alloys and other ferroalloys serving a customer base across the
globe in dynamic and fast-growing end markets, such as solar,
automotive, consumer products, construction and energy. The Company
is based in London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of U.S. securities laws.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe the Company’s
future plans, strategies and expectations. Forward-looking
statements often use forward-looking terminology, including words
such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”,
“potential”, “predicts”, “seek”, “will” and words of similar
meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information currently available to the
Company and assumptions that management believe to be reasonable,
but are inherently uncertain. As a result, Ferroglobe’s actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements,
which are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that are, in
some cases, beyond the Company’s control.
Forward-looking financial information and other
metrics presented herein represent the Company’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake any
obligation to update publicly any of the forward-looking statements
contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
CONTACT:
Gaurav MehtaEVP - Investor
RelationsEmail: investor.relations@ferroglobe.com
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