Ferroglobe announces listing transfer to the NASDAQ Capital Market
Ferroglobe PLC (NASDAQ: GSM) has received NASDAQ approval to transfer its ordinary shares from the NASDAQ Global Select Market to the NASDAQ Capital Market due to non-compliance with the minimum bid price requirement, as its closing bid has been below $1.00 for over thirty days. This transfer, effective August 4, 2020, grants Ferroglobe an additional 180-day grace period to regain compliance, potentially through a reverse stock split. The NASDAQ Capital Market requires ongoing financial and corporate governance compliance.
- Transfer to NASDAQ Capital Market provides a 180-day grace period for compliance.
- Potential reverse stock split could help regain compliance with bid price requirements.
- Company has been below $1.00 bid price threshold for over thirty consecutive days.
- Transfer indicates ongoing struggles with stock price and market compliance.
LONDON, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or “the Company”), a leading producer of silicon metal, silicon alloys and manganese-based specialty alloys, has received approval from the NASDAQ Stock Market LLC (“NASDAQ”) of the Company’s request to transfer listing of its ordinary shares to the NASDAQ Capital Market from the NASDAQ Global Select Market.
As previously disclosed, NASDAQ notified Ferroglobe in November 2019 that the Company was out of compliance with the minimum bid price requirement of NASDAQ listing rule 5550(a)(2), as the closing bid price for its shares had remained below
On transfer to the NASDAQ Capital Market, Ferroglobe receives an additional 180-day grace period, effective August 4, 2020, within which to regain compliance with the minimum closing bid price requirement for continued listing. The Company has given written assurance to NASDAQ that it intends to do so, if necessary, by means of a reverse stock split.
The transfer is expected to take effect on at the start of trading on August 4, 2020. The Company’s shares will continue to trade under the symbol “GSM”. The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Select Market, and listed companies must meet certain financial and corporate governance requirements to qualify for continued listing.
About Ferroglobe
Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon- and manganese-based specialty alloys and ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.
All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.
INVESTOR CONTACT:
Gaurav Mehta, EVP - Investor Relations
investor.relations@ferroglobe.com
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