INDEPENDENCE, Ohio, April 14, 2020 (GLOBE NEWSWIRE) -- Covia (NYSE:CVIA) announced that, on April 8, 2020, it received notification from the New York Stock Exchange (“NYSE”) that the Company is no longer in compliance with NYSE continued listing standards, which require listed companies to maintain an average closing share price of $1.00 over a consecutive 30 trading-day period.
In accordance with NYSE rules, Covia has six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement. Covia may regain compliance at any time during the cure period if (i) on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and (ii) 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.
Covia intends to actively monitor the price of its common stock and will consider all available options to regain compliance with the NYSE’s continued listing standards. As required by the NYSE, Covia will notify the NYSE within ten business days of its intent to cure the deficiency and return to compliance with the NYSE’s continued listing standards.
During the six-month cure period, subject to compliance with other continued listing requirements, Covia’s common stock will continue to trade on the NYSE under the symbol “CVIA” and will have an added designation of “.BC” to indicate the status as below compliance. Failure to regain compliance during the cure period or to maintain other listing requirements may lead to delisting of Covia’s common stock from the NYSE.
The NYSE notification does not affect Covia’s business operations or its Securities and Exchange Commission reporting requirements, and it does not result in any violation of its debt obligations.
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all of its stakeholders. For more information, visit CoviaCorp.com.
