Standard Register (NYSE: SR) today reported that it has received notification from the New York Stock Exchange (NYSE) that the company is now back in compliance in relation to the NYSE’s continued listing standards. This comes as a result of Standard Register’s performance with respect to the business plan it submitted to the NYSE and achievement of the applicable average market capitalization requirement at the end of the 18-month plan period.
On April 3, 2012 the Standard Register received notice from the NYSE that it was not in compliance with the NYSE’s continuing listing standard that requires listed companies to maintain market capitalization in excess of $50 million. Under applicable NYSE procedures, Standard Register submitted a plan to demonstrate its ability to achieve compliance with the continued listing standards within 18 months.
On May 14, 2012, Standard Register was notified by the NYSE that it was not in compliance with continuing listing standard requiring that companies maintain an average closing price above $1.00 over a consecutive 30 trading-day period. Standard Register regained compliance with this standard after it effectuated a reverse stock split in May of 2013.
“Over the past 18 months, we have implemented the plan presented to the NYSE, continued transforming the company and acquired WorkflowOne,” said Joseph P. Morgan, Jr., president and chief executive officer. “Our strategy of enhancing our traditional business with solutions to manage communications and marketing workflow, deliver content through multiple communication channels and apply analytics to measure success have been well received in the marketplace. The acquisition of WorkflowOne broadened our customer base and product and solutions portfolio, and provided greater financial stability and flexibility. We are energized and confident that we are on the right path for long-term sustainable growth.”
The Company will be subject to a 12-month follow-up period to ensure that it remains in compliance with the NYSE’s continued listing standards, as well as being subject to its normal monitoring procedures.