General Steel Regains Compliance with the NYSE Minimum Share Price Listing Requirement
BEIJING, April 29, 2015 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, announced today that it has regained compliance with the continued listing standard of the New York Stock Exchange (the "NYSE") relating to minimum pricing of its common stock.
In a letter dated April 27, 2015, the NYSE notified the Company that the closing price, as well as average stock price of its common stock for the 30 trading days ended April 24, 2015, which was the last day of the six-month cure period from receipt of the previous non-compliance of the minimum share price notification on October 24, 2014, was at or above the NYSE's minimum pricing standard of $1.00. Accordingly, General Steel has successfully regained compliance with the NYSE minimum pricing standard.
The Company's common stock will continue to be listed and traded on the NYSE, while the dissemination of the ".BC" indicator and NYSE web site posting will continue as the Company is subject to continued monitoring applicable to its previous non-compliance with the $50 million average market capitalization and stockholders' equity requirement.
Henry Yu, General Steel's Chairman and Chief Executive Officer, said: "We are pleased to regain compliance with NYSE's minimum pricing standard, which we believe is a reflection of investors' confidence in our transformation. We remain on track in our business transformation, specifically in commercializing RFID technologies and solutions, and expansion into the Internet-of-Things and logistics sectors. We are confident that as General Steel transforms from an integrated steel producer into a multi-faceted, synergistic platform that will comprise not only steel-related businesses but also high-growth, high-margin non-steel businesses, our growth prospects and profitability will improve."
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs, manufactures, and integrates radio frequency identification ("RFID") systems. The Company's RFID technology provides real-time data on supplies, inventory, and goods, thereby greatly enhancing its customers' administration and planning processes, as well as, asset tracking and supply chain management.
For more information, please visit www.gshi-steel.com. To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to [email protected] gshi-steel.com.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, including those disclosed in the Company's most recent Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
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General Steel Holdings, Inc.
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SOURCE General Steel Holdings, Inc.
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