General Steel Regains Compliance with NYSE Listing Requirement for Minimum Share Price
BEIJING, Oct. 4, 2012 /PRNewswire/ — General Steel Holdings, Inc. (“General Steel” or the “Company”) (NYSE: GSI), one of China’s leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it has regained compliance with minimum share price criteria required by the New York Stock Exchange (“NYSE”) for continued listing of the Company’s shares.
As previously disclosed, the Company received a notice from the NYSE on March 30, 2012 that its common shares closed with an average bid price below $1.00 for 30 consecutive trading days, the threshold requirement for continued listing of the Company’s shares on the NYSE. The Company was granted a cure period of six months in order to regain compliance with the requirement for continued listing set forth in section 802.01C of the NYSE’s Listed Company Manual.
On October 2, 2012, the Company received confirmation from the NYSE that it had regained compliance with continued listing standards under section 802.01C after its average closing share price for the 30 trading days ended September 30, 2012 and its closing price on September 30, 2012 exceeded $1.00.
The Company continues to work toward regaining compliance with the NYSE listing standard under Section 802.01E related to the filing of its Annual Report on Form 10-K for the year ended December 31, 2011 (“Annual Report”). The Company is working diligently with its independent registered public accountant, PricewaterhouseCoopers Zhong Tian CPAs Limited Company (“PwC”) to complete the audit for the Annual Report and file the Annual Report as soon as possible.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality. For more information, please visit www.gshi-steel.com.
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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, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company’s Annual Report on Form 10-K, filed with the 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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SOURCE General Steel Holdings, Inc.