voxeljet AG Receives a Notice of Noncompliance from the New York Stock Exchange
August 27 2019 - 8:30AM
Business Wire
voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a
leading provider of high-speed, large-format 3D printers and
on-demand parts services to industrial and commercial customers,
today announced that the Company received a notice (the “Notice”)
from the New York Stock Exchange (the “NYSE”) on August 23, 2019
stating that the Company is not in compliance with Section 802.01B
of the NYSE’s Listed Company Manual due to the fact that the
Company’s average global market capitalization over a consecutive
30 trading-day period was less than $50 million and, at the same
time, its shareholders’ equity was less than $50 million. As set
forth in the Notice, as of August 21, 2019, the 30 trading-day
average global market capitalization of the Company was
approximately $43.3 million and the Company’s last reported
shareholders’ equity as of June 30, 2019 was $45.4 million.
The Company intends to take steps to remedy the deficiency in a
timely manner and, in accordance with NYSE listing requirements, to
notify the NYSE within 30 business days of receipt of the Notice
that it will submit a plan within 90 days of receipt of the Notice
advising the NYSE of definitive action it has taken, or is taking,
to bring it into conformity with Section 802.01B within 18 months
of receipt of the Notice. The NYSE will review the Company’s plan
and, within 45 days, make a determination as to whether the Company
has made a reasonable demonstration of its ability to come into
conformity with Section 802.01B within 18 months. If the Company’s
plan is not submitted on a timely basis or is not accepted, the
NYSE will initiate delisting proceedings. If the NYSE accepts the
Company’s plan, the Company’s American Depositary Shares (“ADSs”)
will continue to be listed and traded on the NYSE during the cure
period, subject to the Company’s compliance with the plan and other
continued listing standards. The NYSE will review the Company on a
semi-annual basis to confirm compliance with the plan.
The Notice has no immediate impact on the listing of the
Company’s ADSs, which will continue to be listed and traded on the
NYSE during the cure period under the trading symbol “VJET,”
subject to continued compliance with the other listing requirements
of the NYSE. However, the trading symbol will have an added
designation of “.BC” to indicate that the status of the ADSs is
“below compliance” with the NYSE continued listing standards. The
“.BC” indicator will be removed at such time as the Company regains
compliance.
The Notice does not affect the Company’s business operations or
its reporting obligations with the Securities and Exchange
Commission, and it does not conflict with or cause an event of
default under any of the Company’s material debt or other
agreements.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
www.voxeljet.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as ‘‘believes,’’ ‘‘estimates,’’
‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’
‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other
similar expressions that convey uncertainty of future events or
outcomes. Forward-looking statements include statements regarding
our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things,
our results of operations, financial condition, business outlook,
the potential application of new technology and new materials and
their impact on future business, the industry in which we operate
and the trends that may affect the industry or us. Although we
believe that we have a reasonable basis for each forward-looking
statement contained in this press release, we caution you that
forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control and that may cause our actual
results to differ materially from our expectations, including those
risks identified under the caption “Risk Factors” in the Company’s
Annual Report on Form 20-F and in other reports the Company files
with the U.S. Securities and Exchange Commission. Except as
required by law, the Company undertakes no obligation to publicly
update any forward-looking statements for any reason after the date
of this press release whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190827005357/en/
Investors and Media Johannes Pesch Director Investor Relations
and Business Development johannes.pesch@voxeljet.de Office: +49 821
7483172
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