The company has 45 days to tell the NYSE what it plans to do to get compliant.Southfield, Mich.-based Superior Industries International Inc., a maker of aluminum wheels for OEMs and the European aftermarket, says it has received notice from the New York Stock Exchange that it currently is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual. This is due to the fact that the company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its shareholders’ equity was less than $50 million.
The notice has no immediate impact on the listing of the company’s common stock, does not affect the company’s ongoing business operations or its reporting obligations with the Securities and Exchange Commission, and does not conflict with or cause an event of default under any of the company’s debt or other agreements.
As a result of the notice, the company became subject to the procedures set forth in Rule 802.02 of the NYSE Listed Company Manual and in accordance with such procedures, the company intends to submit a business plan within 45 days of receipt of the notice that demonstrates its ability to resume compliance with the continued listing standards. Upon receipt of this plan the NYSE will have up to 45 days to review.
