J. C. Penney Company, Inc. Addresses NYSE Listing Standards
31 Janvier 2020 - 10:30PM
J. C. Penney Company, Inc. (NYSE: JCP) announced that it received
notification from the New York Stock Exchange (NYSE) today, Jan.
31, 2020, 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, subject
to possible extension if the Company determines to remedy the
non-compliance by taking action that would require shareholder
approval. The Company intends to pursue measures to cure the share
price non-compliance, including through a reverse stock split of
the Company's common stock, subject to stockholder approval, if
such action is necessary to cure the non-compliance.
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 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.
Media Relations: (972) 431-3400
or jcpnews@jcp.com
Investor Relations: (972)
431-5500 or jcpinvestorrelations@jcp.com
About JCPenney:J. C. Penney
Company, Inc. (NYSE: JCP), one of the nation’s largest apparel and
home retailers, combines an expansive footprint of approximately
850 stores across the United States and Puerto Rico with a powerful
e-commerce site, jcp.com, to deliver style and value for all
hard-working American families. At every touchpoint, customers will
discover stylish merchandise at incredible value from an extensive
portfolio of private, exclusive and national brands. Reinforcing
this shopping experience is the customer service and warrior spirit
of approximately 95,000 associates across the globe, all driving
toward the Company's mission to help customers find what they love
for less time, money and effort. For additional information, please
visit jcp.com.
Forward-Looking StatementsThis
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Words such
as "expect" and similar expressions identify forward-looking
statements, which include, but are not limited to, statements
regarding sales, cost of goods sold, selling, general and
administrative expenses, earnings, cash flows and
liquidity. Forward-looking statements are based only on the
Company's current assumptions and views of future events and
financial performance. They are subject to known and unknown risks
and uncertainties, many of which are outside of the Company's
control that may cause the Company's actual results to be
materially different from planned or expected results. Those risks
and uncertainties include, but are not limited to, general economic
conditions, including inflation, recession, unemployment levels,
consumer confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
non-core assets on acceptable terms, the ability to implement our
strategic plan including our omnichannel initiatives, customer
acceptance of our strategies, our ability to attract, motivate and
retain key executives and other associates, the impact of cost
reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms, changes in
tariff, freight and shipping rates, changes in the cost of fuel and
other energy and transportation costs, disruptions and congestion
at ports through which we import goods, increases in wage and
benefit costs, competition and retail industry consolidations,
interest rate fluctuations, dollar and other currency valuations,
the impact of weather conditions, risks associated with war, an act
of terrorism or pandemic, the ability of the federal government to
fund and conduct its operations, a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information, legal and
regulatory proceedings, the Company’s ability to access the debt or
equity markets on favorable terms or at all, and the Company's
ability to comply with the continued listing criteria of the NYSE,
and risks arising from the potential suspension of trading of the
Company's common stock on that exchange. There can be no assurances
that the Company will achieve expected results, and actual results
may be materially less than expectations. Please refer to the
Company's most recent Form 10-Q for a further discussion of risks
and uncertainties. Investors should take such risks into account
and should not rely on forward-looking statements when making
investment decisions. Any forward-looking statement made by the
Company in this press release is based only on information
currently available to the Company and speaks only as of the date
on which it is made. The Company does not undertake to update these
forward-looking statements as of any future date.
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