Just Energy Receives Continued Listing Standards Notice from the NYSE
March 24 2020 - 5:30PM
Just Energy Group Inc. (“
Just Energy” or the
“
Company”) (TSX:JE) (NYSE:JE) announced that on
March 23, 2020 it received written notification from the New York
Stock Exchange ("NYSE") that it was not in compliance with the
standard set forth in Rule 802.01C of the NYSE Listed Company
Manual that requires listed companies to maintain an average
closing share price of at least US$1.00 over a consecutive 30
trading-day period. This notification is not discretionary
and is sent when a listed company’s share price falls below the
NYSE’s minimum price listing standard.
As required by the NYSE, the Company intends to
respond to the NYSE within ten business days and notify the NYSE of
its intent to cure the deficiency and return to compliance with the
NYSE continued listing requirements. The Company has six months
following the receipt of the noncompliance notice to cure the
deficiency and regain compliance. Under the NYSE rules, 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, its common stock has a closing share price of at least
US$1.00 and an average closing share price of at US$1.00 over the
30 trading-day period ending on the last trading day of that month.
Failure to regain compliance during the cure period or the
Company’s failure to maintain other listing requirements could lead
to a delisting.
During this period, the Company's common stock
will continue trading on the NYSE under its existing ticker symbol,
with the addition of a suffix indicating the "below compliance"
status of its common stock, as "JE.BC." The trading of Just
Energy’s shares on the Toronto Stock Exchange remains
unaffected.
The notice does not affect the Company's
business operations, or its Securities and Exchange Commission
reporting requirements, and does not conflict with or cause an
event of default under any of the Company's material debt
agreements.
About Just Energy Group
Inc.
Just Energy is a consumer company focused on essential
needs, including electricity and natural gas commodities; health
and well-being, such as water quality and filtration devices; and
utility conservation, bringing energy efficient solutions and
renewable energy options to consumers. Currently operating
in the United States and Canada, Just
Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, EdgePower
Inc., Filter Group Inc., Hudson Energy, Interactive
Energy Group, Tara Energy, and TerraPass.
Visit https://investors.justenergy.com to learn more.
Also, find us on Facebook and follow us
on Twitter.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements including, but not limited to, statements and
information regarding the Company’s ability to regain compliance
with the NYSE listing standards and trading of the Company’s shares
on the NYSE. These statements are based on current expectations
that involve a number of risks and uncertainties which could cause
actual results to differ from those anticipated, the Company
undertakes no obligations to update or revise any forward-looking
statement. These risks include, but are not limited to, the impact
of the evolving COVID-19 pandemic on the Company’s business, the
ability of the Company to successfully implement its business
continuity plans with respect to the COVID-19 pandemic, the results
of strategic review process, the ability of the Company to reduce
selling, marketing and general and administrative expenses and the
quantum of such reductions and the impact thereof on the Company’s
current fiscal year, the Company’s ability to identify
further opportunities to improve its cost structure, general
economic and market conditions, levels of customer natural gas and
electricity consumption, rates of customer additions and renewals,
rates of customer attrition, fluctuations in natural gas and
electricity prices, changes in regulatory regimes, results of
litigation and decisions by regulatory authorities, competition and
dependence on certain suppliers. Additional information on these
and other factors that could affect Just Energy’s operations,
financial results or dividend levels are included in Just Energy’s
annual information form and other reports on file with Canadian
securities regulatory authorities which can be accessed through the
SEDAR website at www.sedar.com and the U.S.
Securities and Exchange Commission’s website
at www.sec.gov or through Just Energy’s website
at www.justenergygroup.com.
Neither the Toronto Stock Exchange nor
the New York Stock Exchange has approved nor disapproved
of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jim Brown Chief Financial Officer Just Energy 713-544-8191
jbrown@justenergy.com
or
Investors Michael Cummings Alpha IR Phone:
617-982-0475 michael.cummings@alpha-ir.com
Media Boyd Erman Longview Communications Phone:
416-523-5885 berman@longviewcomms.ca
Source: Just Energy Group Inc.
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