Venator Materials said it received notice on 2 November from the New York Stock Exchange (NYSE) indicating the company is no longer in compliance with the continued listing standard, sai dthe company.
The company said the noncompliance occurred because the average closing price of the company's ordinary shares was less than USD1 US per share over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the company's ordinary shares from the NYSE. Venator, a global manufacturer of titanium dioxide and performance additives, made the announcement in a news release.
Venator said it will notify the NYSE by 16 November plans to cure the stock price deficiency and return to compliance with the NYSE standard. Venator can regain compliance at any time within the six-month cure period if, on the last trading day of any calendar month during the cure period or on the last business day of the six-month cure period, Venator's ordinary shares have a closing price of at least USD1 per share and an average closing share price of at least USD1 over the 30 trading-day period ending on such date.
Venator said it intends to consider available alternatives, including but not limited to a reverse stock split that is subject to shareholder approval, no later than the company's next annual shareholders' meeting, if necessary to cure the stock price non-compliance.
Venator's ordinary shares will continue to be listed and trade on the NYSE during this period, subject to its compliance with other NYSE continued listing standards.
We remind, Venator Materials named three new members to its board of directors, all of whom are affiliated with private equity firm SK Capital Partners (New York, New York). The appointments come after SK Capital acquired a 39.75% stake in Venator for USD100 million. The three new board members are Barry Siadat, co-founder of SK Capital; Aaron Davenport, managing director at SK Capital; and Heike van de Kerkhof, CEO of Archroma, a portfolio company of SK Capital. Siadat also serves on Archroma’s board, and is chairman of Ascend Performance Materials’ board.
Based in Wynyard, U.K., Venator employs approximately 3,500 associates and sells its products in more than 110 countries.
mrchub.com