TAIPEI, Taiwan, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's receipt of a letter from Nasdaq’s Listing Qualifications department indicating that the Company is not in compliance with one of The Nasdaq Global Market’s continued listings standards.
Specifically, The Nasdaq Global Market requires listed securities to maintain a minimum Market Value of Publicly Held Shares (“MVPHS”) of $5,000,000. The Company has been informed by Nasdaq that, based upon a review of APWC’s MVPHS for the last 30 consecutive business days, the Company no longer meets this requirement. Nasdaq rules provide the Company with a 180 calendar day period in which to regain compliance with this listing standard; otherwise, the Company will receive written notification that its securities are subject to delisting. Alternatively, APWC may consider transferring its listing to The Nasdaq Capital Market (the “Capital Market”), where the Company would have to meet the Capital Market’s continued listing requirements. While the Company has not made a final decision yet on its course of action, APWC wishes to assure its investors and other constituencies that it plans to take all necessary and reasonable steps to maintain a listing on the Nasdaq stock exchange.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is principally engaged in three principal business lines that consist of manufacturing and distributing wire and cable products, such as power cables and enameled wires, and providing project engineering services to certain customers. The Company manufactures and sells a wide variety of wire and cable products in primarily four general categories: telecommunications cables, power transmission cables, enameled wires, and electronic wires. In addition, the Company acts as a distributor of wire and cable products manufactured by Pacific Electric Wire and Cable Co. Ltd., its majority shareholder, and other third party suppliers in Singapore. The Company also offers project engineering services in the supply, delivery and installation (“SDI”) of medium and high voltage cables for power transmission projects in Singapore.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "anticipates", "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Asia Alpha Investor Relations
Lisa A. Gray
Partner & Senior Account Manager