MINNEAPOLIS--(BUSINESS WIRE)--Regis Corporation (NYSE: RGS), a leader in the haircare industry, has been informed that NYSE Regulation has determined to commence proceedings to delist Regis’ common stock from the New York Stock Exchange (“NYSE”).
Regis common stock has not been suspended from trading and is expected to continue to be listed and traded on the NYSE while the company considers whether to request a review of NYSE’s determination to commence delisting proceedings and, if such a review is requested, while any such review remains pending.
NYSE Regulation has determined that Regis was unable to demonstrate that it had regained compliance with the applicable listing standard by the expiration of the maximum plan period. As previously disclosed, Regis had been deemed below compliance with the NYSE’s continued listing standard in Section 802.01B of the Listed Company Manual requiring listed companies to maintain either (i) at least $50 million in stockholders’ equity or (ii) at least $50 million in total market capitalization on a 30-trading day average basis.
Regis has a right to a review of the NYSE’s determination by a Committee of the Board of Directors of the NYSE (the “Committee”). The NYSE is not expected to announce a suspension or apply to the U.S. Securities and Exchange Commission to delist Regis common stock unless and until such time as (i) Regis does not request a review by the Committee on or before December 28, 2023, (ii) Regis determines that it does not intend to appeal, (iii) the subsequent review of the Committee determines that trading in Regis common stock should be suspended or, (iv) there are other material developments.
Regis continues to evaluate its available options, including a timely request for review of NYSE Regulation’s determination to commence delisting proceedings and further exploration of available opportunities to have its common stock listed on another national securities exchange, provided that it is able to satisfy any applicable listing criteria.
About Regis Corporation
Regis Corporation (NYSE:RGS) is a leader in the haircare industry. As of September 30, 2023, the Company franchised or owned 4,811 locations. Regis’ franchised and corporate locations operate under concepts such as Supercuts®, SmartStyle®, Cost Cutters®, Roosters® and First Choice Haircutters®. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Relations section of the corporate website at www.regiscorp.com.
This release contains or may contain “forward-looking statements” within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document reflect management’s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, “may,” “believe,” “project,” “forecast,” “expect,” “estimate,” “anticipate,” “intend” and “plan.” In addition, the following factors could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. These factors include our ability to comply with applicable national stock exchange listing requirements, potential timing and outcomes of suspension and delisting procedures and future trading or quotation of our common stock, and other potential factors that could affect future financial and operating results as set forth under Item 1A of our Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.
