Grupo Simec receives noncompliance notification from NYSE
Grupo Simec announced that, as a result of its failure to timely file with the Securities and Exchange Commission, or SEC, its annual report on Form 20-F for FY18, it received a notice from NYSE stating that the company is not in compliance with the NYSE's continued listing requirements set forth in Sections 134 and 1101 of the American Company Guide and with its listing agreement with the exchange. 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, the company was unable to file its Form 20-F by its original deadline without "unreasonable" effort or expense. The company is still working to complete certain disclosure regarding related party transactions in the Form 20-F, and expects that it will file the Form 20-F by May 31. 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 15 to file the Form 20-F with the SEC in order to cure the noncompliance.