SOUTHFIELD—Superior Industries International Inc. (NYSE: SUP), a manufacturer of aluminum wheels for the transportation industry, announced that on June 5, it received notice from the New York Stock Exchange that it currently is not in compliance with the continued listing standards of the NYSE’s Listed Company Manual 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.
Company officials said the notice has no immediate impact on the listing of the its 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. In accordance with those procedures, company officials said they intend to submit a business plan within 45 days of receipt of the notice that demonstrates the company’s ability to resume compliance with listing standards. Upon receipt of this plan, the NYSE will have up to 45 days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the standards. If the plan is accepted by the NYSE, the Company would be subject to ongoing quarterly monitoring for compliance with the plan and have up to 18 months from July 1, 2020 to demonstrate compliance. If the plan is not accepted, or if the company fails to maintain compliance with the plan, the company would be subject to delisting proceedings.
Company officials said they are “confident in (their) business prospects and liquidity position and believes that it will successfully resume compliance with the NYSE’s continued listing standards. For reference, the market capitalization of the Company was above $50 million prior to the stock market decline triggered by the COVID-19 pandemic, and as of the close of business on June 8, Superior’s market capitalization was $54 million.
Besides supplying aluminum wheels to the auto industry, it has aftermarket brands including ATS, Rial, Alutec, and Anzio. More at www.supind.com.