Natuzzi S.p.A.: Update on the Company’s Operations and New York Stock Exchange Listing
March 13 2020 - 5:37PM
Business Wire
Natuzzi S.p.A. (NYSE: NTZ):
On February 24, 2020, Natuzzi S.p.A. (the “Company”) provided
preliminary updates on the impacts of the coronavirus on its
operations in China (the “February Update”).
Since then, the coronavirus has aggressively spread outside of
China and, in particular, in Italy where the Government has adopted
extensive containment measures in order to limit the epidemic.
The overall situation remains critical and uncertain. The
Company expects that its business levels, as discussed in the
February Update, will not improve in the short term with a direct
negative effect on the Company’s revenues.
The Company continues to implement specific actions to help
mitigate the impacts of the outbreak of the coronavirus on
production levels and cash flow. These measures are expected to
include the overall reduction of operating expenses, the deferral
of some investments, as well as workforce-related actions.
The outbreak of the coronavirus in Italy is currently of major
concern to the Company in light of the material adverse effects
that could follow a potential contagion within the Company’s
Italian plants. With the aim of limiting the contagion risk, and in
accordance with the Italian Government safety guidelines, the
Company has adopted recommended protective measures, both in the
Italian plants and in its headquarters, in addition to the closure
of its Italian stores.
The Company’s operations in China are now running almost to
pre-disruption levels as government and press reports indicate that
the coronavirus containment is proving effective in that
country.
In connection with the global spread of the coronavirus, equity
markets have sharply declined with a generalized and heavy
sell-off. Consistent with market trends, the Company’s American
Depository Receipts (the “ADRs”) have been under strong pressure.
As of March 12, 2020, the Company’s market capitalization and the
average market capitalization over a consecutive 30 trading-day
period were $5.5 million and $16.1 million, respectively.
NYSE Regulation, Inc. (“NYSE Regulation”) will commence
proceedings to delist the Company’s ADRs from the New York Stock
Exchange (the “NYSE”) should the Company’s market capitalization
fall below the NYSE’s continued listing standard set forth in
Section 802.01B of the NYSE Listed Company Manual, which requires
the Company to maintain an average global market capitalization of
not less than $15 million over a consecutive 30-trading day
period.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any such securities have not been registered under
the U.S. Securities Act of 1933 (as amended, the “Securities Act”)
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements set forth in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
involve risks and uncertainties that could cause the Company’s
actual results to differ materially from those stated or implied by
such forward-looking statements. More information about the
potential factors that could affect the Company’s business and
financial results is included in the Company’s filings with the
SEC, including the Company’s most recent Annual Report on Form
20-F. The Company undertakes no obligation to update any of the
forward-looking statements after the date of this press
release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global
players in the furniture industry with an extensive manufacturing
footprint and a global retail network. Natuzzi is the European
lifestyle best-known brand in the upholstered furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2018) and has
been listed on the New York Stock Exchange since May 13, 1993.
Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified
(Quality and Environment), OHSAS 18001 certified (Safety on the
Workplace) and FSC® certified (Forest Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20200313005534/en/
For information:
NATUZZI INVESTOR RELATIONS Piero Direnzo | tel.
+39.080.8820.812 | pdirenzo@natuzzi.com
NATUZZI CORPORATE COMMUNICATION Vito Basile (Press
Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com
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