HOUSTON, April 23, 2020 /PRNewswire/ -- Luby's, Inc.
(NYSE: LUB) ("Luby's" or the "Company"), today announced that on
April 20, 2020, it received notice
from the New York Stock Exchange ("NYSE") that the Company is no
longer in compliance with NYSE continued listing standards, which
require the average closing price of the Company's common stock to
be at least $1.00 per share over a
period of 30 consecutive trading days.
The Company plans to notify the NYSE of its intent to cure the
deficiency and return to compliance with the NYSE continued listing
requirements within the six-month cure period. Under NYSE rules,
Luby's 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, Luby's common stock has a closing share price of at
least $1.00 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 or on the last day of the cure period.
The Company is reviewing all available alternatives to return to
compliance with the NYSE continued listing standards.
During the cure period, the Company's common stock will continue
to trade on the NYSE, subject to compliance with other continued
listing requirements.
About Luby's
Luby's, Inc. (NYSE: LUB) operated 119 restaurants nationally as
of December 18, 2019: 78 Luby's Cafeterias, 40 Fuddruckers,
one Cheeseburger in Paradise restaurants. At December 18, 2019, Luby's was the franchisor for
97 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services
provided food service management to 33 sites at December 18, 2019 consisting of healthcare,
corporate dining locations, sports stadiums, and sales through
retail grocery stores.
Forward Looking Statements
This press release contains statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this press release, other than statements of
historical fact, are "forward-looking statements" for purposes of
these provisions, including the statements regarding the Company's
intention to regain compliance with the NYSE's continued listing
standards.
Luby's cautions readers that various factors could cause its
actual financial and operational results to differ materially from
those indicated by forward-looking statements made from
time-to-time in news releases, reports, proxy statements,
registration statements, and other written communications, as well
as oral statements made from time to time by representatives of
Luby's. The following factors, as well as any other cautionary
language included in this press release, provide examples of risks,
uncertainties and events that may cause Luby's actual results to
differ materially from the expectations Luby's describes in such
forward-looking statements: general business and economic
conditions; the impact of competition; our operating initiatives;
fluctuations in the costs of commodities, including beef, poultry,
seafood, dairy, cheese and produce; increases in utility costs,
including the costs of natural gas and other energy supplies;
changes in the availability and cost of labor; the seasonality of
Luby's business; changes in governmental regulations, including
changes in minimum wages; the effects of inflation; the
availability of credit; unfavorable publicity relating to
operations, including publicity concerning food quality, illness or
other health concerns or labor relations; the continued service of
key management personnel; and other risks and uncertainties
disclosed in Luby's annual reports on Form 10-K, quarterly reports
on Form 10-Q and current reports on Form 8-K.
For additional information contact:
Dennard Lascar Investor
Relations
Rick Black / Ken Dennard
LUB@dennardlascar.com
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SOURCE Luby's, Inc.