Agria Corporation notified by New York Stock Exchange of non-compliance with minimum average market capitalization and stockholders' equity standard
Hong Kong, China
August 8 ,2016
Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a global agriculture company, today announced that, on July 7, 2016, the Company was notified by the New York Stock Exchange ("NYSE") that the Company is not in compliance with the NYSE minimum average market capitalization and stockholders' equity continued listing standard, in addition to being below compliance with the NYSE minimum average closing share price standard, as reported on June 13, 2016. The NYSE requires that a listed company's average market capitalization be not less than $50 million over a consecutive 30 trading-day period and its stockholders' equity be not less than $50 million.
Under the NYSE listing rules applicable to foreign private issuers, the Company has 90 days from the receipt of the notice to submit a business plan that demonstrates how it intends to regain compliance with this continued listed standard within 18 months of the receipt of the notice. The Company intends to develop and submit to the NYSE such a business plan within the 90-day period. If the NYSE does not accept the business plan, the NYSE will initiate suspension and delisting procedures. If the NYSE accepts the business plan it will monitor the Company on a quarterly basis for compliance with the business plan. During this period, the Company's ordinary shares will continue to be listed on the NYSE and traded as usual subject to compliance with other NYSE listing requirements.
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Website: http://www.agriacorp.com Published: August 8, 2016 |
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