BEIJING, July 28, 2016 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSIH),
announced today that the Company intends to avail itself of its
right of review and appeal the New York Stock Exchange's ("NYSE" or
the "Exchange") recent decision to commence proceedings to delist
its common stock -- ticker symbol GSI -- from the NYSE.
On July 18, 2016, the Company
received notice from the staff of the NYSE stating that the NYSE
has determined to commence proceedings to delist the Company's
common stock, and that the Company's common stock would be
suspended at the close of trading on the same date.
In the notice and in a public announcement distributed by the
NYSE on July 18, 2016, the NYSE
stated that the Company was previously deemed below compliance with
the NYSE's continued listing standard requiring listed companies to
maintain either (i) at least $50
million in stockholders' equity or (ii) at least
$50 million in total market
capitalization on a 30 trading day average basis. The NYSE
noted that they had previously accepted the Company's 18-month plan
to regain compliance with the listing standard. However, the NYSE
stated that as of the expiration of the plan period on July 9, 2016, the Company was unable to
demonstrate that it had regained compliance with the applicable
continued listing standard. The NYSE also included in its public
announcement that the Company was delayed in filing with the
Securities and Exchange Commission (the "SEC") its Form 10-K for
the year ended December 31, 2015 and
its Form 10-Q for the quarter end March 31,
2016.
The Company intends to appeal the delisting determination and
have such determination reviewed by a Committee of the Board of
Directors of the NYSE by submitting a request for review in writing
no later than August 1, 2016.
Prior to the NYSE notice and public announcement, the Company
had presented to the NYSE the steps it intended to take to address
the deficiencies raised by the Exchange. The Company reached an
agreement with a number of its current debt holders to forgive
existing debt and/or exchange debt for equity, which when
completed, would have increased the Company's stockholders' equity
to at least $50 million thereby
satisfying the NYSE's continued listing standard. In addition,
the Company anticipates that it will complete its filing with the
SEC of its Form 10-K for the year ended December 31, 2015 and its Form 10-Q for the
quarter end March 31, 2016 before the
review date with the Committee of the Board of Directors of the
NYSE. However, there can be no assurance that the Company will be
successful in its appeal and that the Company's request for
continued listing will be granted.
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is headquartered in Beijing, China, and trades iron ore and steel
products. To be added to the General Steel email list to receive
Company news, please send your request to
investor.relations@gshi-steel.com.
General Steel Holdings, Inc.
Phone: +86 10 5866 7723
Email: investor.relations@gshi-steel.com
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SOURCE General Steel Holdings, Inc.