DUBAI, United Arab Emirates--(BUSINESS WIRE)--
Amira Nature Foods, Ltd. (ANFI) (the “Company”) announced today that New York Stock Exchange Regulation, Inc. (“NYSE”) by letter dated November 16, 2018 notified the Company that its Ordinary Shares did not satisfy one of the standards for continued listing on the NYSE.
The NYSE requires a listed company’s stock to maintain an average closing price per share in excess of $1.00 for a consecutive 30-trading-day period. As of November 13, 2018, the average closing price per share of the Company’s Ordinary Shares over the preceding 30-trading-day period was $0.99.
Under the NYSE’s rules, the Company has a period of six months, subject to possible extension, to bring its share price and 30-trading-day average share price back over $1.00. The Company’s Ordinary Shares will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with other continued listing standards of the NYSE. The Company plans to notify the NYSE that it anticipates that this deficiency will be cured and that it will return to compliance with the NYSE’s minimum share price continued listing standard.
The NYSE notification has no impact on the Company’s business operations.
About Amira Nature Foods, Ltd.
Founded in 1915, Amira has evolved into a leading global provider of branded packaged specialty rice, including Basmati and other food products, with sales across five continents around the world. The Company primarily sells Basmati rice, which is a premium long-grain rice grown only in the geographically indicated region of the Indian sub-continent, under its flagship Amira brand as well as under other third-party brands. Amira sells its products in both the developed and emerging markets. The Company’s global headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, Germany, the United Kingdom, and the United States. Amira Nature Foods, Ltd. is listed on the New York Stock Exchange (NYSE) under the ticker symbol “ANFI.”
For more information, please visit www.amira.net.
This Press Release by Amira Nature Foods, Ltd. (the “Company”) contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. We have based these forward-looking statements largely on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect the Company’s financial condition, results of operations, business strategy and financial needs. There is no assurance that the Company’s current expectations and projections are accurate. These forward-looking statements include, but are not limited to risks and uncertainties involving the Company including that: (i) the Company’s intends to satisfy the NYSE’s standard listing deficiency, (ii) under NYSE rules, the Company has six months from receipt of the notification to comply with the NYSE listing standards; (iii) that the Company can regain compliance at any time during this six-month period by bringing its share price and 30-trading-day average share price back over $1.00; (iv) that the Company’s shares will continue to be listed on the NYSE, subject to compliance with other continued listing requirements, and (v) that the Company will remain listed on the NYSE are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on October 16, 2018. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.