Standard Register Receives Continued Listing Standards Notice from the New York Stock Exchange
18 Mai 2012 - 2:50PM
Business Wire
Standard Register (NYSE: SR), a leader in the management and
execution of mission-critical communications, today announced that
on May 14, 2012, the Company was notified by the New York Stock
Exchange (NYSE) that it was not in compliance with the NYSE’s
continued listing standard that requires that the average closing
price of a listed company’s common stock not fall below $1.00 per
share for any consecutive 30-trading-day period.
The Company’s common stock continues to trade on the NYSE,
subject to the Company’s compliance with other NYSE continued
listing requirements. Under NYSE rules, the Company has six months
following receipt of the notification to regain compliance with the
minimum share price requirement. The Company can regain compliance
during the six-month cure period if the Company’s common stock has
a closing share price of at least $1.00 on the last trading day of
any calendar month during the period and also has an average
closing share price of at least $1.00 over the 30 trading-day
period ending on the last trading day of that month or on the last
day of the cure period.
The Company has notified the NYSE that the Company intends to
cure this deficiency within the prescribed timeframe. The Company’s
Securities and Exchange Commission reporting requirements and debt
obligations are not affected by the receipt of the NYSE
notification.
“While this notice is disappointing, it is not unexpected and
does not impact our focus on transforming Standard Register,” said
Joseph P. Morgan, Jr., president and chief executive officer. “We
are very confident in our strategy and encouraged by the positive
activity we saw in the first quarter. We do not expect an overnight
transformation but a steady rate of improvement based on market
acceptance of our solutions and services and technology-enhanced
innovations.”
Morgan went on to say, “We have delivered our plan to return to
compliance with the NYSE regarding the $50 million average market
capitalization listing standard. Successful execution of the plan
will address both listing standards. We will not be distracted from
executing on that plan.”
About Standard Register
Standard Register (NYSE: SR), celebrating 100 years of
innovation, is trusted by the world’s leading companies to advance
their reputations by aligning communications with corporate
standards and priorities. Providing market-specific insights and a
compelling portfolio of solutions to address the changing business
landscape in healthcare, financial services, commercial and
industrial markets, Standard Register is the recognized leader in
the management and execution of mission-critical communications.
More information is available at www.standardregister.com.
Safe Harbor Statement
This press release contains forward-looking statements covered
by the Private Securities Litigation Reform Act of 1995. Because
such statements deal with future events, they are subject to
various risks and uncertainties and actual results could differ
materially from the Company’s current expectations.
Factors that could cause the Company’s results to differ
materially from those expressed in forward-looking statements
include, without limitation, our access to capital for expanding in
Core solutions, the pace at which digital technologies erode the
demand for certain legacy products, the success of our plans to
deal with the threats and opportunities brought by digital
technology, results of cost containment strategies and
restructuring programs, our ability to attract and retain key
personnel, variation in demand and acceptance of the Company’s
products and services, frequency, magnitude and timing of paper and
other raw material price changes, the timing of the completion and
integration of acquisitions, general business and economic
conditions beyond the Company’s control, and the consequences of
competitive factors in the marketplace, including the ability to
attract and retain customers. The Company undertakes no obligation
to revise or update forward-looking statements as a result of new
information, since these statements may no longer be accurate or
timely. For more information, see the Company’s most recent Form
10-K and other filings with the Securities and Exchange
Commission.
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