~RTW Receives Continued Listing Standard Notice from the NYSE~
January 10 2020 - 4:10PM
Business Wire
~Company Intends to Restore
Compliance~
RTW Retailwinds, Inc. [NYSE:RTW], an omni-channel specialty
apparel retail platform for powerful celebrity and consumer brands,
today announced that on January 8, 2020, the Company received
notice (the “Notice”) from the New York Stock Exchange (“NYSE”)
that the average closing price of the Company’s common stock over a
consecutive 30 trading-day period had fallen below $1.00 per share,
which is the minimum price required by the NYSE under Section
802.01C of the NYSE Listed Company Manual.
The Company plans to notify the NYSE by January 23, 2020 that it
intends to cure the deficiency and return to compliance with NYSE
continued listing requirements. Under the NYSE rules, the Company
can cure this deficiency if, during the six-month period following
receipt of the Notice, on the last trading-day of any calendar
month, the Company’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.
The Company intends to consider available alternatives,
including but not limited to, a reverse stock split, which would
require the approval of a majority of the Company’s stockholders no
later than its next annual shareholders’ meeting.
Pursuant to NYSE rules, the Company’s common stock will continue
to be listed and traded on the NYSE during the cure periods
outlined above, subject to the Company’s compliance with other
applicable continued listing requirements. The current
noncompliance with the standards described above does not affect
the Company’s ongoing business operations or its reporting
requirements with the Securities and Exchange Commission, nor does
it trigger any violation of its asset-based credit facility or
other obligations.
About RTW Retailwinds
RTW Retailwinds, Inc. (together with its subsidiaries, the
"Company") is a specialty women's omni-channel retailer with a
powerful multi-brand lifestyle platform providing curated fashion
solutions that are versatile, on-trend, and stylish at a great
value. The specialty retailer, first incorporated in 1918, has
grown to now operate 412 retail and outlet locations in 35 states
while also growing a substantial eCommerce business. The Company's
portfolio includes branded merchandise from New York & Company,
Fashion to Figure, and Happy x Nature, and collaborations with Eva
Mendes, Gabrielle Union and Kate Hudson. The Company's branded
merchandise is sold exclusively at its retail locations and online
at www.nyandcompany.com, www.fashiontofigure.com,
www.happyxnature.com, and through its rental subscription
businesses at www.nyandcompanycloset.com and
www.fashiontofigurecloset.com. Additionally, certain product, press
releases and SEC filing information concerning the Company are
available at the Company's website: www.nyandcompany.com.
Forward-looking Statements
This press release contains certain forward-looking statements,
including statements made within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Some of these statements can be identified by
terms and phrases such as “expect,” “anticipate,” “believe,”
“intend,” “estimate,” “continue,” “could,” “may,” “plan,”
“project,” “predict,” and similar expressions and references to
assumptions that the Company believes are reasonable and relate to
its future prospects, developments and business strategies. Such
statements, are subject to various risks and uncertainties that
could cause actual results to differ materially. The Company
undertakes no obligation to revise the forward-looking statements
included in this press release to reflect any future events or
circumstances.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200110005526/en/
Investor Relations Contact: ICR, Inc. (203) 682-8200
Allison Malkin
RTW Retailwinds (NYSE:RTW)
Historical Stock Chart
From Aug 2024 to Sep 2024
RTW Retailwinds (NYSE:RTW)
Historical Stock Chart
From Sep 2023 to Sep 2024