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FOR IMMEDIATE RELEASE:
August 14, 2013
USEC Regains Compliance with NYSE Minimum Price Listing Standard
BETHESDA, Md. - USEC Inc. (NYSE:USU) was notified yesterday by the New York Stock Exchange (NYSE) that the company has regained compliance with the NYSE's minimum share price standard for the continued listing of its stock.
In May 2012, the NYSE notified the company that it was not in compliance with the NYSE's continued listing standard when the average closing price of its common stock had been below $1.00 for the prior 30 trading days. On June 27, 2013, the stockholders of USEC Inc. approved a reverse stock split, implemented on July 1, which resulted in the common stock trading above $1.00 for 30 consecutive trading days.
Separately, on August 1, 2013, the NYSE accepted USEC's plan to regain compliance with the NYSE's minimum market capitalization and stockholders' equity requirement over an 18-month period. At yesterday's closing price, USEC's average market capitalization was above the minimum of $50 million for the prior 30 trading-day period. If the company is able to demonstrate returning to compliance for a period of two consecutive quarters, the NYSE may deem the plan period over prior to the end of the 18-month plan period. USEC remains subject to continued periodic review by the NYSE of its progress with respect to its plan, including USEC's achievement of quarterly financial and operational initiatives, and subject to compliance with the other NYSE continued listing standards.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
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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 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: USEC's ability to demonstrate progress with respect to its plan to regain compliance with the NYSE's minimum market capitalization requirement, including its ability to execute quarterly financial and operational initiatives; the impact of a potential de-listing of our common stock on the NYSE, including the potential for the holders of our convertible notes to require the Company to repurchase their notes in the event of a de-listing; 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 www.usec.com. We do not undertake to update our forward-looking statements except as required by law.
Contact:
Investors: Steven Wingfield (301) 564-3354
Media: Paul Jacobson (301) 564-3399
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