LSC Communications Addresses NYSE Listing Standards for Share Price Non-Compliance
LSC Communications, Inc. announced that it received notification from the New York Stock Exchange (NYSE) on November 20, 2019, that the Company is no longer in compliance with NYSE continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
In accordance with NYSE rules, the Company has a period of six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement, or until the Company’s next annual meeting of stockholders if stockholder approval is required to cure the share price non-compliance, as would be the case to effectuate a reverse stock split. Under NYSE rules, the Company’s common stock will continue to be listed and trade on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing requirements. The Company plans to notify the NYSE within 10 business days of receipt of the notification of its intent to cure the deficiency. The Company is in compliance with all other NYSE continued listing standard rules.
The Company intends to pursue measures to cure the share price non-compliance. The Company is considering its options, which include a reverse stock split of the Company's common stock that would be subject to stockholder approval no later than at its next annual meeting of stockholders if such action is necessary to cure the share price non-compliance. The NYSE notification does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements, and it does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.
The full cautionary statements are contained in LSC’s filings with the SEC.
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of the staff of Printing Impressions.