Beijing-based General Steel Holdings, Inc. announced today that the company intends to appeal the New York Stock Exchange's recent decision to commence proceedings to delist its common stock 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, the NYSE stated that the company was previously deemed below compliance with the NYSE's continued listing standard requiring listed companies to maintain either: at least $50 million in stockholders' equity; or at least $50 million in total market capitalization on a 30 trading day average basis.
In the notice, the NYSE stated that the company was previously deemed below compliance with the NYSE's continued listing standard requiring listed companies to maintain either: at least $50 million in stockholders' equity; or 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 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.