"General Steel is committed to upholding the highest standards of internal controls and accounting policies. Our finance team is working diligently with the OCA and PwC on the accounting treatment issue in an effort to resolve the matter," said John Chen, Chief Financial Officer of General Steel. "We are committed to completing and publishing our financial statements and submitting our filings with the SEC as soon as possible once a final determination is made."
The Company also announced that the New York Stock Exchange (the "NYSE") will be notifying the Company that it has fallen below the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Under NYSE rules, the Company has a cure period of six months from receipt of the notice to cure the deficiency by regaining compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Subject to compliance with the NYSE's other continued listing requirements and subject to ongoing oversight, the Company's common stock will continue to be listed and trade on the NYSE during the six-month cure period. The Company will send a letter to the NYSE within ten business days following its receipt of the notice to indicate its intention to cure this deficiency. The Company intends to actively monitor the closing bid price of its comment stocks during the cure period, and will evaluate available options to resolve the deficiency and regain compliance with the SEC rules. The Company's business operations and SEC reporting requirements are not affected by the receipt of the NYSE notification.