LIMA, Peru–(BUSINESS WIRE)–AENZA S.A.A. (the “Company”) hereby informs that, on October 18, 2022, the Company received a letter (the “Notice”) from the New York Stock Exchange (the “NYSE”) notifying the Company that it is below criteria with respect to the average closing price criteria of the continued listing standard of the NYSE applicable to the Company’s American Depositary Shares (“ADSs”) because, as of October 17, 2022, the average closing price of the Company’s ADSs was less than US$1.00 per ADS over a consecutive 30 trading-day period (the “ADS price deficiency”).
Pursuant to Section 802.01C of the NYSE Listed Company Manual and the Notice, the Company has six months (the “Cure Period”) following receipt of the Notice to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the Cure Period if on the last trading day of any 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. In the event that at the expiration of the Cure Period, both a $1.00 closing share price on the last trading day of the Cure Period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the Cure Period are not attained, the NYSE will commence suspension and delisting procedures.
The Notice has no immediate effect on the Company’s NYSE listing or the trading of its ADSs. The Company has notified the NYSE on October 27, 2022 of its intent to cure the ADS price deficiency. To address the ADS price deficiency, the Company intends to change the ratio of its ADSs to its ordinary shares. The Company will monitor the market conditions of its listed securities and is considering all alternatives available to it. During the Cure Period, the Company’s ADSs will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the expectation of its collection efficiency and delinquency contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goal and strategies; the Company’s expansion plans; the Company’s future business development, financial condition and results of operations; the Company’s expectations regarding demand for, and market acceptance of, its products; the Company’s expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.