Cenveo Receives Notice from NYSE That It Does Not Satisfy Listing Standard
STAMFORD, Conn. — April 3, 2017 — Cenveo Inc. has announced that on March 28, 2017, it received notice from the New York Stock Exchange that the Company does not presently satisfy the NYSE’s continued listing standard requiring the average market capitalization of the Company to not be less than $50 million over a 30 trading-day period while its stockholders’ equity is less than $50 million.
The Notice has no immediate impact on the listing of the Company’s common stock and does not affect the Company’s ongoing business operations or its Securities and Exchange Commission reporting requirements. In accordance with the NYSE rules, the Company intends to respond to the Notice within 45 days of its receipt with the submission of a business plan demonstrating how the Company intends to return to compliance with the market capitalization standards within 18 months of receipt of the Notice (which period may be truncated by the NYSE).
The NYSE will review that plan and, within 45 days of its receipt, determine whether Cenveo has made a reasonable demonstration of an ability to achieve compliance on the market capitalization standard. If the NYSE accepts the plan, the common stock will continue to be listed and traded on the NYSE during that specified period. The Company believes that its previously announced two-year $50 million profitability improvement plan will meaningfully present to the NYSE the demonstration necessary to achieve compliance in the appropriate period of time.