Kemet Announces Noncompliance with NYSE Market Capitalization Standard |
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Kemet Electronics Corp.
P.O. Box 5928
Greenville, SC, 29606
USA
Press release date: January 2, 2009
Greenville, South Carolina (January 2, 2009) - KEMET Corporation (NYSE:KEM) announced today that on December 31, 2008, the Company was notified by the NYSE Regulation, Inc. that the Company's common stock will be suspended from trading on the New York Stock Exchange ("NYSE") prior to market opening on Friday, January 9, 2009. The Company is out of compliance with one of the NYSE's applicable continued listing standards which requires maintaining an average market capitalization of not less than $25 million over a consecutive 30 trading-day period. Previously, the Company had announced that it had fallen below the NYSE's continued listing standard concerning share price. While the Company had six months in which to increase the share price back to compliant levels, NYSE standards do not provide a similar cure period for noncompliance with the market capitalization requirements. The Company does not intend to appeal the NYSE's decision and, consequently, it is expected that the common stock will be delisted from the NYSE following the NYSE's application to the Securities and Exchange Commission.
The Company expects that, following suspension from the NYSE, its common stock will continue to trade and be quoted on the Financial Industry Regulatory Authority's over-the-counter bulletin board (the "OTCBB") and/or on the Pink Sheets Inc.'s Pink Quote System (the "Pink Sheets"). There will be no gap in trading from the NYSE to one of the above over-the counter ("OTC") markets. The Company will provide a symbol for OTC trading in a few days.
"We expect there to be no disruption in our operations resulting from the change in our stock trading platform. We continue to be in full compliance with all of our lending arrangements," stated Per Loof, KEMET's Chief Executive Officer. "KEMET's commitment is steadfast in bringing value to our shareholders, producing quality products that are delivered with industry leading customer service to our customers, remaining a stable partner with our suppliers, and providing growth opportunity to our employees."
The delisting from the NYSE does not represent any change in the Company's current strategic plan. The Company will continue to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws. Following the move to the OTCBB or Pink Sheets, KEMET will continue to be in compliance with the trading requirements for its common stock contained in its existing lending arrangements.
KEMET Corporation (KEM) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world's most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com .
Contact: William M. Lowe, Jr. Executive Vice President and Chief Financial Officer 864-963-6484 billlowe@kemet.com
Dean W. Dimke Director of Corporate and Investor Communications 954-766-2806 deandimke@kemet.com
|
|
|
|
|
Newsletters |
Industry
Market Trends
Has Got It |
- Latest developments
- Trends
- Best practices
- Opinions & Commentary
|
 |
Get Ahead.
Get IMT.
Subscribe Free Today
Subscribe View
Sample |
Your Gateway to a Fast
Changing World
Product News Alerts |
 |
Receive similar stories and other customized
news to keep you in the know on the products shaping
industry. |
Subscribe Free Today
Subscribe View
Sample |
|
|
|
|
|
|
|
|
|
| 
