GUADALAJARA, Mexico,
May 21, 2021 /PRNewswire/ --
Grupo Simec, S.A.B. de C.V. (the
"Company") (NYSE-MKT: SIM and BMV: SIMEC-B) announces that on
May 18, 2021, as a result of its
failure to timely file with the Securities and Exchange Commission
("SEC") its Annual Report on Form 20-F for the fiscal year ended
December 31, 2020 (the "Form 20-F"),
it received a notice from the NYSE American LLC (the "NYSE" or the
"Exchange") stating that the Company is not in compliance with the
NYSE continued listing standards. The letter from the NYSE also
notes that, as a result, the Company is now subject to the
procedures and requirements set forth in Section 1007 of the NYSE
American Company Guide.
As previously disclosed by the Company in its Form 12b-25 filed
with the SEC on April 30, 2021, the
Company was unable to file its Form 20-F by its original deadline
without unreasonable effort or expense due to the fact that the
Company's preparation of the financial information in the annual
report for inclusion in Form 20-F has not been completed due to the
overall delay in operations caused by the COVID-19 pandemic. The
Company is still working to complete certain disclosure regarding
the financial information in the Form 20-F and expects that it will
file the Form 20-F on May 24, 2021.
However, the timing of the filing is uncertain at this moment, and
this projected filing date could change. The NYSE informed the
Company that, under the Exchange rules, the Company will have six
months from May 18, 2021, to file the
Form 20-F with the SEC in order to cure the noncompliance.
About Grupo Simec
Grupo Simec is a diversified
manufacturer, processor and distributor of SBQ steel and structural
steel products with production and commercial operations in
the United States, Mexico and Brazil. Grupo
Simec is also an important producer of structural and light
structural steel products in Mexico in terms of sales volume. Grupo Simec's SBQ products are used across a
broad range of highly engineered end-user applications, including
axles, hubs and crankshafts for automobiles and light trucks,
machine tools and off-highway equipment. Its structural steel
products are mainly used in the non-residential construction market
and other construction applications.
Legal Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
that express our opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
"forward-looking statements" within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act. These
forward-looking statements can generally be identified by the use
of forward-looking terminology, including the terms "believes,"
"estimates," "anticipates," "expects," "seeks," "projects,"
"intends," "plans," "may," "will" or "should" or, in each case,
their negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
press release and include statements regarding our intentions,
beliefs or current expectations concerning the Company's
performance, business and future events, including its ability to
file the Form 20-F and the attendant consequences with the SEC and
NYSE and the continued listing of the Company's American depositary
shares on the NYSE. Such forward looking statements are based on
management's expectations, beliefs and forecasts concerning future
events impacting Grupo Simec. You
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, as well as assumptions, which, if they were to ever
materialize or prove incorrect, could cause actual results to
differ materially from the from the plans, objectives,
expectations, estimates and intentions expressed or implied by such
forward-looking statements. The forward-looking statements made in
this press release speak only as of the date hereof and we disclaim
any obligation, except as required by law, to provide updates,
revisions or amendments to any forward-looking statements to
reflect changes in our expectations or future events.
CONTACT:
Jose Luis Tinajero
|
Mario Moreno
Cortez
|
Grupo Simec, S.A.B.
de C.V.
|
Calzada Lázaro
Cárdenas 601
|
44440 Guadalajara,
Jalisco, Mexico
|
+52 55 1165
1025
|
+52 33 3770
6734
|
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SOURCE Grupo Simec, S.A.B. de
C.V.