Standard Register (NYSE: SR), a leader in the management and execution of mission-critical communications, today announced that on May 14, 2012, the Company was notified by the New York Stock Exchange (NYSE) that it was not in compliance with the NYSE’s continued listing standard that requires that the average closing price of a listed company’s common stock not fall below $1.00 per share for any consecutive 30-trading-day period.
The Company’s common stock continues to trade on the NYSE, subject to the Company’s compliance with other NYSE continued listing requirements. Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance during the six-month cure period if the Company’s common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has 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 or on the last day of the cure period.
The Company has notified the NYSE that the Company intends to cure this deficiency within the prescribed timeframe. The Company’s Securities and Exchange Commission reporting requirements and debt obligations are not affected by the receipt of the NYSE notification.
“While this notice is disappointing, it is not unexpected and does not impact our focus on transforming Standard Register,” said Joseph P. Morgan, Jr., president and chief executive officer. “We are very confident in our strategy and encouraged by the positive activity we saw in the first quarter. We do not expect an overnight transformation but a steady rate of improvement based on market acceptance of our solutions and services and technology-enhanced innovations.”
Morgan went on to say, “We have delivered our plan to return to compliance with the NYSE regarding the $50 million average market capitalization listing standard. Successful execution of the plan will address both listing standards. We will not be distracted from executing on that plan.”