Centrus Energy Corp. Regains Compliance with NYSE Listing Standards
BETHESDA, Md.--(BUSINESS WIRE)--Nov. 3, 2014--
Centrus Energy Corp. (NYSE:LEU) today reported that it has received
notification from the New York Stock Exchange that the Company has
regained compliance with the NYSE’s continued listing standards. Centrus
achieved compliance by making progress consistent with a plan submitted
to the NYSE to address the Company’s non-compliance with a NYSE listing
standard beginning in 2013 and by achieving an average 30 trading-day
market capitalization above $50 million.
On September 30, 2014, Centrus emerged from Chapter 11 bankruptcy, and
its new common stock began trading on the New York Stock Exchange under
the ticker symbol “LEU.” The Company maintained its NYSE listing
throughout the Chapter 11 process, and its 30 trading-day average market
capitalization is now above $50 million.
The notification from the NYSE comes at the end of an 18-month period
for Centrus to cure the compliance issue. Prior to the Company’s
voluntary filing of its prearranged Chapter 11 plan of reorganization, a
decline in the total market capitalization for the Company’s common
stock in April 2013 caused it to be out of compliance with a NYSE
listing requirement. The Exchange requires that a company maintain an
average market capitalization of not less than $50 million over a
consecutive 30 trading-day period where the company’s total
stockholders’ equity is less than $50 million. Centrus submitted a plan
advising the NYSE of definitive actions it would take to bring the
Company into compliance during the 18-month cure period. Friday’s
notification from the NYSE confirms that Centrus’ stock is back in
compliance with the listing standard.
“Over the past 18 months, the management and employees of Centrus worked
hard to achieve the goals set out in the plan of compliance submitted to
the Exchange, which included the restructuring and strengthening of our
balance sheet through the Chapter 11 process,” said John C. Barpoulis,
Centrus senior vice president and chief financial officer. “We
appreciate the professional, cooperative approach of the Exchange during
this period.”
In accordance with NYSE regulations, the Company will be subject to a
12-month follow-up period to ensure that the Company does not fall below
any of the NYSE’s continued listing standards.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium fuel for
a growing fleet of international and domestic commercial nuclear power
plants. Centrus is working to deploy the American Centrifuge technology
for commercial needs and to support U.S. energy and national security.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
particular risks and uncertainties that could cause our actual future
results to differ materially from those expressed in our forward-looking
statements include uncertainty regarding our ability to improve our
operating structure, financial results and profitability following
emergence from Chapter 11; risks related to the ongoing transition of
our business, and other risks and uncertainties discussed in our filings
with the Securities and Exchange Commission, including our Annual Report
on Form 10-K and quarterly reports on Form 10-Q, which are available on
our website www.centrusenergy.com.
We do not undertake to update our forward-looking statements except as
required by law.
Source: Centrus Energy Corp.
Centrus Energy Corp.
Investors: Steven Wingfield,
301-564-3354
Media: Paul Jacobson, 301-564-3399
