DGSE COMPANIES, INC. (NYSEMKT:DGSE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
On April 20, 2017, DGSE Companies, Inc. (the Company) was
notified by the NYSE MKT LLC (the MKT) that the Company continues
to be in non-compliance with certain MKT continued listing
standards relating to stockholders equity. Specifically, the
Company is not in compliance with Section 1003(a)(iii) of the
NYSE MKT Company Guide (requiring stockholders equity of $6.0
million or more if it has reported losses from continuing
operations and/or net losses in its five most recent fiscal
years) and Section 1003(a)(ii) (requiring stockholders equity of
$4.0 million or more if it has reported losses from continuing
operations and/or net losses in its four most recent fiscal
years). As of December 31, 2016, the Company had stockholders
equity of approximately $5.9 million and net losses in its five
most recent fiscal years ended December 31, 2016.
As previously reported, the Company has submitted a plan to
regain compliance with MKT listing standards. If the Company does
not regain compliance with those standards by October 12, 2017,
or does not make progress consistent with the plan, the MKT staff
may commence delisting proceedings.
The notice has no immediate impact on the listing of the Companys
common stock, which will continue to trade under the symbol DGSE
with an added designation of .BC to indicate that the Company is
not in compliance with the MKTs listing standards. If the common
stock ultimately were to be delisted for any reason, it could (1)
reduce the liquidity and market price of the common stock and (2)
negatively impact the ability of the Company to conduct equity
financings and access the public capital markets.
As required under by the MKT, the Company issued a press release
on April 26, 2017, announcing that it had received the notice of
noncompliance. A copy of this press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are filed as
part of this Current Report on Form 8-K.
Exhibit Number | Description |
99.1 | Press Release Dated April 26, 2017 |
About DGSE COMPANIES, INC. (NYSEMKT:DGSE)
DGSE Companies, Inc. buys and sells jewelry, diamonds, fine watches, rare coins and currency, precious metal bullion products, scrap gold, silver, platinum and palladium, as well as collectibles and other valuables. The Company’s operations are organized into approximately two primary types of customers, retail customers and wholesale customers. Its products and services are marketed through approximately eight retail locations. Its retail locations operate under a range of banners, including Charleston Gold & Diamond Exchange, Chicago Gold & Diamond Exchange and Dallas Gold & Silver Exchange, and are supported by Websites at www.CGDEinc.com and www.DGSE.com. Its Fairchild International (Fairchild) division is a dealer of pre-owned fine watches. Fairchild supplies over 1,100 regional jewelry stores across the country, with pre-owned Rolexes and aftermarket Rolex accessories, such as bands, bezels and dials. Its customers include individual consumers, dealers and institutions. DGSE COMPANIES, INC. (NYSEMKT:DGSE) Recent Trading Information
DGSE COMPANIES, INC. (NYSEMKT:DGSE) closed its last trading session down -0.01 at 1.61 with 19,452 shares trading hands.