Via News Release
“OAKDALE, Minn., Feb. 8, 2016 /PRNewswire/ — Imation Corp. (NYSE: IMN) (“Imation” or the “Company”) today announced that on February 2, 2016, Imation Corp. (the “Company”) received a written notice from NYSE Regulation, Inc. (the “Notice”) stating that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the Listed Company Manual of the New York Stock Exchange (the “NYSE”). Such noncompliance is based on the Company’s average global market capitalization being less than $50 million over a consecutive 30 trading-day period and its stockholders’ equity being less than $50 million.”
On or before February 19, 2016, the Company must contact the NYSE to confirm receipt of the Notice and indicate whether or not it plans to present a plan to regain compliance. In accordance with NYSE rules, the Company then has 45 days from the date of receipt of the Notice to provide a plan with definitive action the Company has taken, or is taking, that would return it to compliance with these continuing listing standards within 18 months of receipt of the Notice. The Company intends to submit such a plan in the coming weeks. The Listing Operations Committee of the NYSE will review the plan and, within 45 days of its receipt, determine whether the Company has made a reasonable demonstration of an ability to conform to the relevant standards in the 18 month period. If the NYSE accepts the plan, the Company’s common shares will continue to be listed and traded on the NYSE during the 18 month cure period, subject to the Company’s compliance with other continued listing standards, and the Company will be subject to quarterly monitoring by the NYSE for compliance with the plan. If the NYSE does not accept the plan, the Company’s common shares would be subject to suspension and delisting proceedings.
The Notice has no immediate impact on the listing of the Company’s common shares, which will continue to be listed and traded on the NYSE during the applicable cure period, subject to the Company’s compliance with the NYSE’s other applicable continued listing standards, but will be assigned a “.BC” indicator by the NYSE to signify that the Company is below compliance with the NYSE’s continued listing standards. In the event that the Company fails to regain compliance with the continued listing standards of Section 802.01B by the expiration of the applicable cure period, the NYSE will commence suspension and delisting procedures with respect to the Company’s common shares.