Atento Receives NYSE Compliance Notification
Company considering all options to remain compliant with NYSE’s listing requirements
Atento S.A., the leading provider of customer relationship management and business process outsourcing services (CRM / BPO) in Latin America and one of the top five providers worldwide, today announced that it received a May 13, 2020 letter from the New York Stock Exchange (“NYSE”) notifying the Company that its Common Shares had traded below an average closing price of $1.00 over a consecutive 30-trading-day period, the minimum price threshold required under Section 802.01C of the NYSE Listed Company Manual.
Under the NYSE’s Continued Listing Standards, a Listed Company would have a period of six months following the receipt of the notification to regain compliance. In order to regain compliance, on the last trading day in any calendar month, the common stock must have (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30 consecutive trading-day period ending on the last trading day of such month.
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Pursuant to rule filing NYSE SR 2020-36, which became effective on April 21, 2020, the NYSE is providing a longer period of time for Companies to regain compliance by tolling the applicable compliance period through June 30, 2020 for companies that have been identified as below compliance with certain continued listing requirements, including its minimum $1.00 share price and $50 million market capitalization. The tolling period is now calculated as beginning on July 1, 2020, and Atento has now until January 1, 2021 to regain compliance. If the Company is unable to regain compliance, the NYSE would initiate procedures to suspend and delist the common stock.
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On May 28, 2020, Atento notified the NYSE of its intent to cure the aforementioned listing standard deficiency. The Company’s common shares will continue to be listed and traded on the NYSE, subject to compliance with this and other NYSE’s Continued Listing Standards and to other rights of the NYSE to delist the common shares. Currently, the Company is in compliance with all other NYSE Continued Listing Standards. The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements.
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