Amira Nature Foods, Ltd, Regains Full Compliance with NYSE Minimum Average Share Price Listing Standard
09 1월 2020 - 9:27PM
Business Wire
Amira Nature Foods, Ltd. (NYSE: RYCE) announced today that the
New York Stock Exchange (NYSE) has notified the company that it is
has regained full compliance with NYSE minimum average share price
listing requirements.
Amira Nature Foods, Ltd, received written notification on
January 2, 2020 that it has regained compliance after the Company’s
average stock price for the 30-trading days ended December 26, 2010
was above the NYSE’s minimum requirement of $1. The company, which
has continued to trade on the NYSE under the symbol RYCE, is now in
compliance with all NYSE minimum average share price listing
requirements.
About Amira Nature Foods,
Ltd
Founded in 1915, Amira has evolved into a global provider of
packaged Indian specialty rice, with sales in over 40 countries
today. Amira sells Basmati rice, premium long-grain rice grown only
in certain regions of the Indian sub-continent, under their
flagship Amira brand as well as under other third-party brands.
Amira sells its products primarily in emerging markets through a
broad distribution network. Amira’s headquarters are in Dubai,
United Arab Emirates, and it also has offices in India, Germany,
the United Kingdom, and the United States.
Cautionary Statement and Note on
Forward-Looking Statements
As previously reported by the Company on Form 6-K filed with the
SEC on March 18, 2019, in the second half of fiscal year 2019, the
Company announced the conversion of the outstanding debt of Amira
Pure Foods Private Limited, (“Amira India”) a partially-owned
subsidiary of Amira Mauritius, the Company’s subsidiary, into
equity (the “Deconsolidation”). This Deconsolidation resulted in
Amira Mauritius’ ownership of Amira India being reduced from 80.4%
to 49.8%. As a result, Amira India and its wholly owned
subsidiaries will no longer be consolidated line item level) for
purposes of preparing the Company’s consolidated financial
statements which would be included in the Company’s Form 20-F for
the year ended March 31, 2019 which was not been filed with the SEC
as of July 31, 2019, its prescribed due date or the date hereof. As
a result of the Deconsolidation, the Company’s operating and
financial results for fiscal 2019, (reflecting the
Deconsolidation), will materially differ from those of prior
periods and will reflect a material reduction of the Company’s
revenues, assets and liabilities in comparison to all prior years
reported by the Company on Form 20-F. This release contains
forward-looking statements within the meaning of the U.S. federal
securities laws. These forward-looking statements generally can be
identified by phrases that we or our members of management use such
as “believe,” “expect,” “anticipate,” “foresee,” “forecast,”
“estimate” or other words or phrases of similar import.
Specifically, these statements include, among other things,
statements that describe our expectations for the global rice
market, the financial impact of the Deconsolidation, new sales
contracts on our revenue, our expectations regarding the successful
efforts of our distribution partners, and other statements of
management’s beliefs, intentions or goals. It is uncertain whether
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do, what impact they
will have on our results of operations, financial condition, or the
price of our ordinary shares. These forward-looking statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those indicated in such
forward-looking statements, including but not limited to our
ability to perform our agreements with customers; our ability to
recognize revenue from our contracts as planned; continued
competitive pressures in the marketplace; our reliance on a few
customers and distribution partners for a substantial part of our
revenue; our ability to implement our plans, forecasts and other
expectations with respect to our business and realize additional
opportunities for growth; and the other risks and important
considerations contained and identified in our filings with the
Securities and Exchange Commission. All forward-looking statements
attributable to us or to persons acting on our behalf are expressly
qualified in their entirety by these risk factors. Other than as
required under the securities laws, we undertake no obligation to
update any forward-looking or other statements herein, whether as a
result of new information, future events or otherwise.
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Amira Nature Foods, Ltd Wendy Eguez +97144357303
wendy.eguez@theamiragroup.com www.amira.net
Amira Nature Foods (NYSE:RYCE)
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Amira Nature Foods (NYSE:RYCE)
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