NYSE: Standard Register Not Meeting Listing Criteria
DAYTON, OH—Standard Register revealed that it was notified by the New York Stock Exchange (NYSE) that it is not in compliance with the NYSE's continued listing standards. Standard Register is considered below the criteria, since the company's average market capitalization was less than $50 million over a 30 trading-day period, and at the same time its stockholders' equity was less than $50 million.
"We are realizing the benefits of the acquisition of WorkflowOne, including strengthening sales pipelines across our solutions portfolio, as we continue with the integration. We anticipate at least $40 million in annual savings when complete at the end of 2015, and look forward to sharing our progress and future plans for long-term value creation with the NYSE," said Joseph Morgan Jr., president and CEO.
In accordance with NYSE procedures, Standard Register has notified the NYSE that it will submit a business plan within 45 days from receipt of the NYSE notice that demonstrates the company's ability to regain compliance. Upon receipt of the plan, the NYSE has 45 days to review and determine whether the Company has made a reasonable demonstration of the ability to come into conformity with the relevant standards. Assuming the NYSE accepts the plan, it will determine the appropriate period for Standard Register to regain compliance.