USEC Inc. (NYSE:USU) today announced that it has received a continued
listing standards notice from the New York Stock Exchange (NYSE) because
the price of its common stock has fallen below the NYSE′s minimum share
price rule. The NYSE requires the average closing price of a listed
company′s common stock to be at least $1.00 per share over a consecutive
30 trading-day period.
The Company′s common stock continues to trade on the NYSE. Subject to
NYSE rules, the Company has six months from receipt of the notice to
regain compliance with the NYSE′s price criteria (or by no later than
the Company′s next annual meeting of shareholders if shareholder
approval is required, as would be the case to effectuate a reverse stock
split to cure the deficiency). The Company is currently in compliance
with all other NYSE listing rules.
USEC can regain compliance at any time during the six-month cure period
if on the last trading day of a calendar month during the cure period,
the company has a closing share price of at least $1.00 and an average
closing share price of at least $1.00 over the 30 trading-day period
ending on the last trading-day of that month or on the last day of the
cure period. The Company is evaluating its options to cure the price
deficiency, including a reverse stock split, which would require
shareholder approval at or prior to the Company′s next annual meeting of
shareholders.
USEC Inc., a global energy company, is a leading supplier of enriched
uranium fuel and nuclear industry related services for commercial
nuclear power plants.
Forward-Looking Statements:
This news release contains 'forward-looking statements? within the
meaning of Section 21E of the Securities Exchange Act of 1934 ? that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as 'expects?, 'anticipates?,
'intends?, 'plans?, 'believes?, 'will? and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For example, references to the
Company′s expectations regarding the following are forward looking
statements: the future trading price of the Company′s common stock and
compliance with or the Company′s ability to cure deficiencies under the
NYSE listing standards. For USEC, particular risks and uncertainties
that could cause our actual future results to differ materially from
those expressed in our forward-looking statements include, but are not
limited to: risks related to the ongoing transition of our business,
including uncertainty regarding the transition of the Paducah gaseous
diffusion plant and uncertainty regarding continued funding for the
American Centrifuge project and the impact of decisions we may make in
the near term on our business and prospects; our success in reaching a
multi-party agreement for the enrichment of depleted uranium tails to
support continued Paducah enrichment operations through May 2013; the
terms of any multi-party agreement we may reach and our dependency on
such an agreement; the impact of the March 2011 earthquake and tsunami
in Japan on the nuclear industry and on our business, results of
operations and prospects; the impact of excess supply in the market and
the lack of uncommitted demand for low enriched uranium over the next
two to four years; the potential impacts of a decision to cease
enrichment operations at Paducah; the outcome of ongoing discussions
with the U.S. Department of Energy ('DOE?) regarding the research,
development and demonstration ('RD&D?) program, including uncertainty
regarding the timing, amount and availability of funding for such RD&D
program and the dependency of government funding on Congressional
appropriations; restrictions in our credit facility on our spending on
the American Centrifuge project after May 31, 2012 and the potential for
us to demobilize the project; the ultimate success of efforts to obtain
a DOE loan guarantee for the American Centrifuge project, including the
ability through the RD&D program or otherwise to address the concerns
raised by DOE with respect to the financial and project execution depth
of the project, and the timing and terms thereof; restrictions in our
credit facility that may impact our operating and financial flexibility
and spending on the American Centrifuge project; changes in U.S.
government priorities and the availability of government funding,
including loan guarantees; the competitive environment for our products
and services; changes in the nuclear energy industry; risks related to
the underfunding of our defined benefit pension plans and the impact of
the potential requirement to accelerate the funding of these obligations
on our liquidity; uncertainty regarding the continued capitalization of
certain assets related to the American Centrifuge Plant and the impact
of a potential impairment of these assets on our results of operations;
the impact of a potential de-listing of our common stock on the NYSE;
and other risks and uncertainties discussed in our filings with the
Securities and Exchange Commission, including our annual report on Form
10-K and quarterly reports on Form 10-Q, which are available on our
website at We do not undertake to update our forward-looking statements except as
required by law.
