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Stock Market & Financial Investment News

News Breaks
July 14, 2014
08:36 EDTGSIGeneral Steel announces 5M shares private placement at $1.50 per share
General Steel has entered into a definitive Subscription Agreement for a private placement of its common stock, par value 0.1c per share, with Henry Yu, the company's Chairman and CEO. The gross proceeds from the private placement will be approximately $7.5M and the company intends to use the proceeds to fund its expansion into high-growth bulk commodity e-commerce. The investor purchased from the company and the company issued and sold to the Investor 5M shares of Common Stock at a purchase price of $1.50 per share for an aggregate amount of $7.5M. The private placement is expected to close in July.
News For GSI From The Last 14 Days
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May 18, 2015
16:39 EDTGSIGeneral Steel to delay filing Form 10-Q
The company is unable to file the Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 within the prescribed time period without unreasonable effort or expense because additional time is required to complete the preparation of the company's financial statements in time for filing. The Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 will be filed as soon as practicable.
May 13, 2015
08:34 EDTGSIGeneral Steel receives NYSE notification on closing price listing requirement
General Steel has been notified by the NYSE that it has fallen below the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share of the company's common stock over a consecutive 30-trading-day period. The company has a cure period of six months from receipt of the NYSE's notice to achieve compliance with the continued listing standard. The company will provide the NYSE with the required response within 10 business days of its receipt of the NYSE Notice, stating its intent to cure this deficiency. The company may consider implementing a reverse stock split of its common stock, which the company received shareholder approval for at its annual general meeting on December 29, 2014. The company's common stock will continue to be listed and traded on the NYSE during the six-month cure period, under the symbol "GSI", but will continue to be assigned a ".BC" indicator.

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