Dex One Corporation (NYSE: DEXO) today received notice from the New York Stock Exchange (NYSE) that it was not in compliance with the NYSE listing standard in Section 802.01B of the Listed Company Manual which requires the company to maintain an average global market capitalization over a consecutive 30 trading day period of not less than $100 million.
The company notified the Exchange it will appeal the decision and file a formal request shortly. During the appeal process, the company anticipates DEXO shares will continue to trade on the NYSE.
Until a determination is made the company's trading symbol will bear the "BC" indicator until it is either delisted or is compliant with the NYSE's listing standards.
Dex One said it respects the Exchange’s rules and processes, but believes several factors related to its proposed merger with SuperMedia Inc. warrant special consideration:
- The combined company pro forma market capitalization will be in excess of $150 million, based on current trading levels of Dex One and SuperMedia shares;
- The transaction has been structured as a stock-for-stock merger and will include a 1-for-5 reverse split at merger close to alleviate any future non-compliance; listing issues
- More than 70 percent in number and 80 percent in value of Dex One secured lenders support the merger;
- The combination will create one of the largest marketing services companies in the United States with a stronger financial position than either of its predecessors; and
- The merger is on track to close in the first half of 2013.
There is no assurance Dex One’s request for continued listing will be granted.
ABOUT DEX ONE CORPORATION
Dex One Corporation (NYSE: DEXO) is a leading marketing solutions provider helping local businesses and their customers connect wherever and whenever they choose to search. Building on its heritage of delivering print-based solutions, the company provides integrated products and services to help its clients establish their digital presence and generate leads. Dex One’s locally based marketing experts offer a broad network of local marketing solutions including online, mobile and print search solutions, such as DexKnows.com. For more information, visit
SAFE HARBOR PROVISION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The proposed merger transaction between SuperMedia Inc. ("SuperMedia") and Dex One Corporation ("Dex") will be submitted to the respective stockholders of SuperMedia and Dex. In connection with the proposed transaction, Newdex, Inc., a subsidiary of Dex ("Newdex"), has filed with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 that includes a joint proxy statement/prospectus to be used by SuperMedia and Dex to solicit the required approval of their stockholders and that also constitutes a prospectus of Newdex. INVESTORS AND SECURITY HOLDERS OF SUPERMEDIA AND DEX ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive joint proxy statement/prospectus has been sent to security holders of SuperMedia and Dex seeking their approval of the proposed transaction. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other relevant documents filed by SuperMedia and Dex with the SEC from the SEC's website at
. Copies of the documents filed by SuperMedia with the SEC are available free of charge on SuperMedia's website at
under the tab "Investors" or by contacting SuperMedia's Investor Relations Department at (877) 343-3272. Copies of the documents filed by Dex with the SEC are available free of charge on Dex's website at
under the tab "Investors" or by contacting Dex's Investor Relations Department at (800) 497-6329.
SuperMedia and Dex and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies from their respective security holders with respect to the transaction. Information about these persons is set forth in the joint proxy statement/prospectus and Dex's proxy statement relating to its 2012 Annual Meeting of Stockholders, as filed with the SEC on March 22, 2012, and subsequent statements of changes in beneficial ownership on file with the SEC. These documents can be obtained free of charge from the sources described above. Security holders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies' security holders generally, by reading the joint proxy statement/prospectus and other relevant documents regarding the transaction (when available), which will be filed with the SEC.