USEC Inc. (NYSE:USU) was notified yesterday by the New York Stock
Exchange (NYSE) that the company has regained compliance with the NYSE’s
minimum share price standard for the continued listing of its stock.
In May 2012, the NYSE notified the company that it was not in compliance
with the NYSE’s continued listing standard when the average closing
price of its common stock had been below $1.00 for the prior 30 trading
days. On June 27, 2013, the stockholders of USEC Inc. approved a reverse
stock split, implemented on July 1, which resulted in the common stock
trading above $1.00 for 30 consecutive trading days.
Separately, on August 1, 2013, the NYSE accepted USEC's plan to regain
compliance with the NYSE’s minimum market capitalization and
stockholders’ equity requirement over an 18-month period. At yesterday’s
closing price, USEC’s average market capitalization was above the
minimum of $50 million for the prior 30 trading-day period. If the
company is able to demonstrate returning to compliance for a period of
two consecutive quarters, the NYSE may deem the plan period over prior
to the end of the 18-month plan period. USEC remains subject to
continued periodic review by the NYSE of its progress with respect to
its plan, including USEC’s achievement of quarterly financial and
operational initiatives, and subject to compliance with the other NYSE
continued listing standards.
USEC Inc., a global energy company, is a leading supplier of enriched
uranium fuel for commercial nuclear power plants.
Forward-Looking Statements:
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For USEC, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to: USEC’s ability to demonstrate progress
with respect to its plan to regain compliance with the NYSE’s minimum
market capitalization requirement, including its ability to execute
quarterly financial and operational initiatives; the impact of a
potential de-listing of our common stock on the NYSE, including the
potential for the holders of our convertible notes to require the
Company to repurchase their notes in the event of a de-listing; and
other risks and uncertainties discussed in our filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K and quarterly reports on Form 10-Q, which are available on our
website at www.usec.com.
We do not undertake to update our forward-looking statements except as
required by law.
Copyright Business Wire 2013