Trading price of Harmony’s ADR falls below NYSE requirements
JOHANNESBURG (miningweekly.com) – The NYSE has notified Harmony Gold that the trading price of the company’s American depositary receipt (ADR) has fallen below the bourse’s continued listing standard, which requires that a minimum average closing price of no less than $1 per ADR be maintained over a period of 30 consecutive trading days.
Under the exchange’s rules, the company had six months from the date of receipt of the notice to regain compliance with the minimum share price requirement.
During this period, the Harmony ADR would continue to be traded on the NYSE, subject to the company’s compliance with other NYSE listing requirements.
“Harmony intends to consider available alternatives – such as changing the ratio between the ADRs and the underlying ordinary shares – to cure the share price deficiency and return to compliance with the NYSE’s continued listing standard.
“Any action taken to ensure compliance is not expected to affect Harmony’s market capitalisation,” said the company.
The NYSE notification did not affect the company’s Securities and Exchange Commission reporting requirements and had no impact on its business operations.
Harmony’s share price on the JSE fell by more than 5% to 921c at 16:15 on Friday, compared with Thursday’s close of 972c.
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