DALLAS, April 15, 2013
/PRNewswire/ -- The Hallwood Group Incorporated (NYSE MKT:
HWG) reported it has received a notice from the NYSE MKT LLC
(the "Exchange") of potential delisting or failure to satisfy a
continued listing rule or standard.
The Exchange determined the Company's financial condition has
become impaired based upon its review of the Company's Form 10-K
for the fiscal year ended December 31,
2012. As a result of the Exchange's review and
determination, the Company is not in compliance with one of the
Exchange's continued listing standards, and therefore has become
subject to the procedures and requirements of Section 1009 of the
NYSE MKT Company Guide ("Company Guide"). Specifically, the Company
is not in compliance with Section 1003(a)(iv) of the Company Guide
in that it has sustained losses which are so substantial in
relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that
it appears questionable, in the opinion of the Exchange, as to
whether the Company will be able to continue operations and/or meet
its obligations as they mature.
The letter states that, in order to maintain the Company's
listing with the Exchange, the Company must submit a plan of
compliance by May 13, 2013 addressing
how it intends to regain compliance with Section 1003(a)(iv) by
July 15, 2013. If the Company
does not submit a plan, or if the plan is not accepted by the
Exchange, the Company will be subject to delisting
proceedings. Furthermore, if the plan is accepted but the
Company is not in compliance with the continued listing standards
of the Company Guide by July 15,
2013, or if the Company does not make progress consistent
with the plan, the Exchange staff will initiate delisting
proceedings in accordance with Section 1010 and Part 12 of the
Company Guide.
SOURCE The Hallwood Group Incorporated
