ORLANDO,
Fla., June 7, 2023 /PRNewswire/
-- Tupperware Brands Corporation (NYSE: TUP) ("Tupperware" or
the "Company") announced today that it received a notice (the
"Notice") from the New York Stock Exchange (the "NYSE") on
June 1, 2023 indicating the Company
is not in compliance with Sections 802.01B and 802.01C of the NYSE Listed Company
Manual because (i) the Company's average global market
capitalization over a consecutive 30 trading-day period was less
than $50 million and, at the same
time, its last reported stockholders' equity was less than
$50 million, and (ii) the average
closing price of the Company's common stock was less than
$1.00 over a consecutive 30
trading-day period. The Notice has no immediate effect on the
listing of the common stock on the NYSE, subject to the Company's
compliance with the NYSE's other continued listing
requirements.
Tupperware plans to notify the NYSE within 10 business days of
its receipt of the Notice that it intends to bring the Company into
compliance with these listing standards within the required cure
periods.
Market Capitalization Standard
In
accordance with applicable NYSE procedures related to Section
802.01B, the Company has 45 days from
receipt of the Notice to submit a business plan advising the NYSE
of the definitive action(s) the Company has taken or is taking to
regain compliance with the listing standard, taking into
consideration the additional stock price deficiency. If the NYSE
approves the Company's business plan, the Company's shares will
continue to be listed and traded on the NYSE during the 18-month
cure period, subject to its compliance with other NYSE continued
listing standards. The Company will be subject to quarterly
monitoring by the NYSE for compliance with the business plan.
Stock Price Standard
Under Section
802.01C, the Company has six months following receipt of the Notice
to regain compliance with the listing standard. Compliance can be
achieved if on the last trading day of any calendar month during
the cure period (or the last trading day of the cure period) the
Company has a closing share price of at least $1.00 and an average closing share price of at
least $1.00 over the prior 30
trading-day period.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the Company's
ability to regain compliance with the NYSE's continued listing
standards, the Company's ability to cure its global market
capitalization deficiency, and the Company's ability to cure its
stock price deficiency. Such forward-looking statements are based
on assumptions about many important factors, including the
following, which could cause actual results to differ materially
from those in the forward-looking statements: whether the NYSE will
approve the Company's business plan, whether the Company will
successfully implement the business plan, and other risks
identified in the Company's most recent filing on Form 10-K and
other SEC filings, all of which are available on the Company's
website. The Company does not intend to update forward-looking
information unless otherwise required by law.
About Tupperware Brands Corporation
Tupperware Brands
Corporation (NYSE: TUP) is a leading global consumer products
company that designs innovative, functional and environmentally
responsible products that people love and trust. Founded in 1946,
Tupperware's signature container created the modern food storage
category that revolutionized the way the world stores, serves and
prepares food. Today, this iconic brand has more than 8,500
functional design and utility patents for solution-oriented kitchen
and home products. With a purpose to nurture a better future,
Tupperware® products are an alternative to single-use items.
The Company distributes its products into nearly 70 countries,
primarily through independent representatives around the world. For
more information, visit Tupperwarebrands.com or follow Tupperware
on Facebook, Instagram, LinkedIn and Twitter.
Investors: Patrick Baumann,
CFA, media@tupperware.com, (863) 282-1643
Media: media@tupperware.com
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SOURCE Tupperware Brands Corporation
