TCP International unable to meet deadline to regain NYSE compliance
TCP International Holdings notified the New York Stock Exchange that it will be unable to complete the filing of its delinquent financial reports with the Securities and Exchange Commission and regain compliance with the NYSE's continued listing standards by November 25, 2016. As a result, the NYSE suspended the company's common stock from trading, effective today, on the NYSE. The NYSE also notified the company that it will commence proceedings to delist its common stock from the NYSE. The company intends to appeal the NYSE's delisting determination and have such determination reviewed by a Committee of the board of directors of NYSE Regulation. Although the company has worked expeditiously to implement remedial actions and despite extensive discussions with the company's chairman and vice chairman, the company does not expect to remediate the material weakness in time for the company's independent auditors to complete their audit of the company's financial statements by the end of the November 25, 2016 cure period.