J. C. Penney Company, Inc. Addresses NYSE Listing Standards
08 August 2019 - 10:30PM
J. C. Penney Company, Inc. (NYSE: JCP) announced today that it
received notification from the New York Stock Exchange (NYSE) on
Aug. 6, 2019, that the Company is no longer in compliance with NYSE
continued listing criteria, which require listed companies to
maintain an average closing share price of at least $1.00 over a
consecutive 30 trading-day period.
In accordance with NYSE rules, the Company has a
period of six months from receipt of the notice to regain
compliance with the NYSE’s minimum share price requirement, or
until the Company’s next annual meeting of stockholders if
stockholder approval is required to cure the share price
non-compliance, as would be the case to effectuate a reverse stock
split. Under NYSE rules, the Company’s common stock will continue
to be listed and trade on the NYSE during this period, subject to
the Company’s compliance with other NYSE continued listing
requirements. The Company plans to notify the NYSE within 10
business days of receipt of the notification of its intent to cure
the deficiency. The Company is in compliance with all other NYSE
continued listing standard rules.
The Company intends to pursue measures to cure
the share price non-compliance, including through a reverse stock
split of the Company's common stock, subject to stockholder
approval, no later than at its next annual meeting of stockholders,
if such action is necessary to cure the share price
non-compliance.
The NYSE notification does not affect the
Company’s business operations or its Securities and Exchange
Commission reporting requirements, and it does not conflict with or
cause an event of default under any of the Company’s material debt
or other agreements.
Media Relations: (972) 431-3400 or
jcpnews@jcp.comFollow @jcpnews on Twitter for the latest
announcements and Company information.
Investor Relations: (972) 431-5500 or
jcpinvestorrelations@jcp.com
About JCPenney: J. C. Penney Company,
Inc. (NYSE: JCP), one of the nation’s largest apparel and home
retailers, combines an expansive footprint of approximately 850
stores across the United States and Puerto Rico with a powerful
e-commerce site, jcp.com, to deliver style and value for all
hard-working American families. At every touchpoint, customers will
discover stylish merchandise at incredible value from an extensive
portfolio of private, exclusive and national brands. Reinforcing
this shopping experience is the customer service and warrior spirit
of approximately 95,000 associates across the globe, all driving
toward the Company's mission to help customers find what they love
for less time, money and effort. For additional information, please
visit jcp.com.
Forward-Looking Statements This release
may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
"expect" and similar expressions identify forward-looking
statements, which include, but are not limited to, statements
regarding sales, cost of goods sold, selling, general and
administrative expenses, earnings and cash flows. Forward-looking
statements are based only on the Company's current assumptions and
views of future events and financial performance. They are subject
to known and unknown risks and uncertainties, many of which are
outside of the Company's control that may cause the Company's
actual results to be materially different from planned or expected
results. Those risks and uncertainties include, but are not limited
to, general economic conditions, including inflation, recession,
unemployment levels, consumer confidence and spending patterns,
credit availability and debt levels, changes in store traffic
trends, the cost of goods, more stringent or costly payment terms
and/or the decision by a significant number of vendors not to sell
us merchandise on a timely basis or at all, trade restrictions, the
ability to monetize assets on acceptable terms, the ability to
implement our strategic plan including our omnichannel initiatives,
customer acceptance of our strategies, our ability to attract,
motivate and retain key executives and other associates, the impact
of cost reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms, changes in
tariff, freight and shipping rates, changes in the cost of fuel and
other energy and transportation costs, disruptions and congestion
at ports through which we import goods, increases in wage and
benefit costs, competition and retail industry consolidations,
interest rate fluctuations, dollar and other currency valuations,
the impact of weather conditions, risks associated with war, an act
of terrorism or pandemic, the ability of the federal government to
fund and conduct its operations, a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information, legal and
regulatory proceedings and the Company’s ability to access the debt
or equity markets on favorable terms or at all. There can be no
assurances that the Company will achieve expected results, and
actual results may be materially less than expectations. Please
refer to the Company's most recent Form 10-K for a further
discussion of risks and uncertainties. Investors should take such
risks into account and should not rely on forward-looking
statements when making investment decisions. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We do not undertake to update these
forward-looking statements as of any future date.
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