SAO PAULO, Nov. 26, 2015 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: B-, Fitch: B-, Moody's: B3), the largest low-cost and best-fare airline in Latin America, hereby announces that, on October 26, 2015, it was informed by the New York Stock Exchange, Inc. (the "NYSE") that it was not in compliance with NYSE's continued listing standard that require average closing prices of listed securities not fall below $1.00 per share for any consecutive 30 trading-day period.
Under NYSE rules, the company has six months from the NYSE notice to regain compliance. During this period the company's American Depositary Shares, each representing one preferred share, will continue to be listed and traded on the NYSE, subject to the company's compliance with other NYSE continued listing requirements.
The company intends to amend the terms of the deposit agreement for its ADSs to increase the number of preferred shares represented by each ADS. The company has not yet determined the new ratio of preferred shares per ADS, but intends to select ratios that will ensure compliance.
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SOURCE GOL Linhas Aereas Inteligentes S.A.