BETHESDA, Md.--(BUSINESS WIRE)--Centrus Energy Corp. (NYSE:LEU) today reported that it has received notification from the New York Stock Exchange that the Company has regained compliance with the NYSE’s continued listing standards. Centrus achieved compliance by making progress consistent with a plan submitted to the NYSE to address the Company’s non-compliance with a NYSE listing standard beginning in 2013 and by achieving an average 30 trading-day market capitalization above $50 million.
On September 30, 2014, Centrus emerged from Chapter 11 bankruptcy, and its new common stock began trading on the New York Stock Exchange under the ticker symbol “LEU.” The Company maintained its NYSE listing throughout the Chapter 11 process, and its 30 trading-day average market capitalization is now above $50 million.
The notification from the NYSE comes at the end of an 18-month period for Centrus to cure the compliance issue. Prior to the Company’s voluntary filing of its prearranged Chapter 11 plan of reorganization, a decline in the total market capitalization for the Company’s common stock in April 2013 caused it to be out of compliance with a NYSE listing requirement. The Exchange requires that a company maintain an average market capitalization of not less than $50 million over a consecutive 30 trading-day period where the company’s total stockholders’ equity is less than $50 million. Centrus submitted a plan advising the NYSE of definitive actions it would take to bring the Company into compliance during the 18-month cure period. Friday’s notification from the NYSE confirms that Centrus’ stock is back in compliance with the listing standard.
“Over the past 18 months, the management and employees of Centrus worked hard to achieve the goals set out in the plan of compliance submitted to the Exchange, which included the restructuring and strengthening of our balance sheet through the Chapter 11 process,” said John C. Barpoulis, Centrus senior vice president and chief financial officer. “We appreciate the professional, cooperative approach of the Exchange during this period.”
In accordance with NYSE regulations, the Company will be subject to a 12-month follow-up period to ensure that the Company does not fall below any of the NYSE’s continued listing standards.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium fuel for a growing fleet of international and domestic commercial nuclear power plants. Centrus is working to deploy the American Centrifuge technology for commercial needs and to support U.S. energy and national security.
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 - that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will” and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For Centrus Energy Corp., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include uncertainty regarding our ability to improve our operating structure, financial results and profitability following emergence from Chapter 11; risks related to the ongoing transition of our business, and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q, which are available on our website www.centrusenergy.com. We do not undertake to update our forward-looking statements except as required by law.