Armco Metals Holdings Inc (NYSE:AMCO) has been contacted by the NYSE’s regulation over failure to meet various listing standards in its common shares listing.
The exchange commission notified the company that it failed to meet the standards by delaying its Form 10-Q filing for the first quarter. The notice was issued in accordance with Section 1101 and 134 of the NYSE MKT Company Guide. Following its receipt of the notice, Armco decided to delist its common stock from the NYSE market since the stock does not meet the minimum listing requirement. The firm will, however, remain listed on the NYSE under the AMCO symbol. However, it will receive an “LF” indicator to mark its filing status.
A Form 8-K report filed on April 11 stated that the firm had to present its plan for compliance by May 9 this year. The form was supposed to outline how Armco planned to regain its compliance with the listing guidelines, and the compliance deadline is October 8, 2016. The NYSE will determine the course of action once it analyzes the presented filing. The company has already submitted its compliance plan. The company has already halted all its active operations except the trading operation. Failure to meet all the obligations as per the guidelines will force the firm to impair its entire asset portfolio as its financial situation is reviewed by the NYSE.
It is currently unclear how the situation will turn out. The situation has so far affected the company’s business which includes the sale and distribution of products such as barley, wood, non-ferrous metals and metal ore in China. The firm also has a recycling business in the same country. Its customers include some of the fastest developing steel processing firms in China. Armco acquires its raw materials from global manufacturers including those from India, Ukraine, Indonesia, Brazil and the US among others.
The delisting of its common stock from the NYSE might be consequential to the firm, but its stock will still be traded on OTC markets.
