The Container Store Receives Notice of Non-Compliance with New York Stock Exchange Trading Share Price Listing Rule
14 Maio 2024 - 7:45AM
Business Wire
Company Intends to cure the deficiency and
return to compliance with NYSE standard
Notice does not impact trading of the
Company’s common stock
The Container Store Group, Inc. (NYSE: TCS) (the “Company”), the
nation’s leading retailer of organizing solutions, custom spaces,
and in-home services, today announced that it was notified by the
New York Stock Exchange (the “NYSE”) that it is not in compliance
with Section 802.01C of the NYSE Listed Company Manual because the
average closing price of the Company’s common stock was less than
$1.00 over a consecutive 30 trading-day period. The notice does not
result in the immediate delisting of the Company’s common stock
from the NYSE.
On May 14, 2024 the Company notified the NYSE that it intends to
cure the stock price deficiency and to return to compliance with
the NYSE continued listing standard.
The Company intends to consider available options to cure the
deficiency and restore compliance with Section 802.01C, including,
but not limited to, a reverse stock split, subject to stockholder
approval no later than at the Company’s next annual meeting of
stockholders, if necessary.
The Company can regain compliance at any time within the
six-month period following receipt of the NYSE notice if on the
last trading day of any calendar month during the cure period the
Company has a closing share price of at least $1.00 and an average
closing share price of at least $1.00 over the 30 trading-day
period ending on the last trading day of that month.
Under the NYSE’s rules, if the Company determines that it will
cure the stock price deficiency by taking an action that will
require stockholder approval at its next annual meeting of
stockholders, the price condition will be deemed cured if the price
promptly exceeds $1.00 per share, and the price remains above that
level for at least the following 30 trading days.
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 standards.
About The Container Store
Founded in 1978, The Container Store Group, Inc. (NYSE: TCS) is
the nation’s only retailer with a solution-oriented offering of
custom spaces, organizing solutions, and in-home services, designed
to transform lives through the power of organization. With more
than 100 locations nationwide and a flagship online store, the
retailer offers an exclusive portfolio of custom space lines that
can be designed for any area of the home, and more than 10,000
products to complete any space.
Visit www.containerstore.com for more information about
complementary Custom Spaces in-home or in-store design, in-home
organizing, products, store locations, trade program, and business
to business opportunities.
Follow The Container Store on Facebook, X, Instagram, TikTok,
YouTube, Pinterest and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding the
Company’s intention to consider alternatives to cure the NYSE
continued listing requirement deficiency and the Company’s
continued listing on the NYSE. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements, including, but not
limited to, the following: the Company’s ability to regain
compliance with the continued listing standards of the NYSE within
the applicable cure period; and the other important factors
discussed under the caption “Risk Factors” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission, (the
“SEC”) on May 26, 2023 and our other reports filed with the SEC.
These factors could cause actual results to differ materially from
those indicated by the forward-looking statements made in this
Current Report on Form 8-K. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240514550161/en/
Investors: ICR, Inc. Farah Soi/Caitlin Churchill
203-682-8200 Farah.Soi@icrinc.com Caitlin.Churchill@icrinc.com
Media: The Container Store Group, Inc. Carson Netherton,
972-538-6402 publicrelations@containerstore.com
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