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August 18, 2014
16:18 EDTWHWSP Holdings receives notification of non-compliance from NYSE
WSP Holdings announced that on July 18, the company has received a notice from NYSE Regulation of failure to satisfy continued listing standards because the average closing price of the company's American Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day period. The company is now subject to the procedures as set forth in Sections 801 and 802 of the NYSE Listed company manual, which allows the company up to a six-month period following receipt of the letter to bring its average share price back above $1.00. The company has a period of six months to restore compliance with the minimum unit price criteria. Under the NYSE rules, the company's ADSs will continue to be listed on the NYSE during this period, subject to ongoing reassessment in light of current developments. At the present time, the company wishes to return to conformity with the NYSE's continued listing standards within six months after receipt of the letter. The company believes that restoring compliance will involve substantial restructuring of the company's business and strengthening of its balance sheet, which will require time to effect and involve risks and uncertainties. The company has engaged the help of consultants to initiate a restructuring plan. However, the company cannot provide any assurance that it will be able to return to compliance within this six-month period. The company will provide an update should there be any change.
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