SUPERIOR INDUSTRIES INTERNATIONAL, INC. (NYSE:SUP) Files An 8-K Other Events
New York Stock Exchange Acceptance of Continued Listing Compliance Plan
On September 8, 2020, Superior Industries International, Inc. (the Company or Superior) announced that the New York Stock Exchange (NYSE) accepted the Companys continued listing compliance plan (the Plan), submitted on July 20, 2020, to regain compliance with the continued listing standards set forth in Section 802.01B of the NYSEs Listed Company Manual. As previously disclosed, on June 5, 2020, the Company received a notice from the NYSE that the Company was not in compliance with NYSE continued listing standard 802.01B because at such time the Companys average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its shareholders equity was less than $50 million.
As a result of the NYSEs acceptance of the Companys Plan and in accordance with NYSE rules, the Company will now be given until January 1, 2022 to regain conformity with the NYSEs continued listing standards. The Companys common stock will continue to be listed on the NYSE during such time, subject to the Companys compliance with other continued listing standards. The Company will also be subject to quarterly monitoring by the NYSE for compliance with the Plan. If the Company fails to comply with the Plan or does not meet the continued listing standards by January 1, 2022, it will be subject to the prompt initiation of NYSE suspension and delisting procedures.
The Company is working diligently to comply with the Plan, remains confident in its business prospects and liquidity position, and believes that it will successfully resume compliance with the NYSEs continued listing standards by January 1, 2022. However, no assurance can be given that the Company will be able to regain compliance with the applicable listing standards or otherwise maintain compliance with the other continued listing standards set forth in the NYSE Listed Company Manual.
On September 8, 2020, the Company issued a press release announcing the NYSEs acceptance of the Companys Plan described above. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
This Current Report on Form 8-K contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as intend, may, should, could, will, expects, expected, seeks to, anticipates, plans, believes, estimates, intends, outlook, predicts, projects, potential, confident or continue, or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, Superiors ability to return to compliance of the continued listing standards set forth in Section 802.01B of the NYSEs Listed Company Manual. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superiors Securities and Exchange Commission filings and reports, including Superiors current Annual Report on Form 10-K, and other reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release. Such forward-looking statements speak only as of the date on which they are made, and Superior does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this report.
|99.1||Press Release dated September 8, 2020|