BlueLinx NYSE Listing Standards Announcement
BlueLinx Holdings, Inc., (“BlueLinx” or the “Company”) a leading distributor of building and industrial products in the United States, announced that it received written notice from the New York Stock Exchange (“NYSE”) that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported stockholders’ equity was below $50 million. Prior to the significant stock market decline triggered by the COVID-19 pandemic, the Company’s market capitalization was above $50 million.
The Company has already submitted a plan to the NYSE in accordance with NYSE procedures to advise the NYSE of definitive action the Company is taking to regain conformity with the continued listing standards as required by January 2022. The notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NYSE, subject to continued compliance with applicable NYSE listing standards.
Mitch Lewis, President and Chief Executive Officer, stated, “We entered 2020 focused on profitably growing our business, and we got off to a solid start in the first quarter. In response to the unexpected COVID 19 pandemic, we immediately developed plans and took actions that should give BlueLinx the financial and operating flexibility necessary to provide long-term value for our stakeholders, and we are poised to continue our progress once the pandemic subsides. We firmly believe that the erosion in our market capitalization was driven by the effects of the COVID-19 pandemic on the stock market and that a return to normalcy in the markets will cause our market capitalization to recover.”
About BlueLinx Holdings, Inc.
BlueLinx (NYSE: BXC) is a leading wholesale distributor of building and industrial products in the United States with over 50,000 branded and private-label SKUs, and a broad distribution footprint servicing 40 states. BlueLinx has a differentiated distribution platform, value-driven business model and extensive cache of products across the building products industry. Headquartered in Marietta, Georgia, BlueLinx has over 2,200 associates and distributes its comprehensive range of structural and specialty products to approximately 15,000 national, regional, and local dealers, as well as specialty distributors, national home centers, industrial, and manufactured housing customers. BlueLinx encourages investors to visit its website, www.BlueLinxCo.com, which is updated regularly with financial and other important information about BlueLinx.
Kelly C. Janzen – Senior Vice President, CFO & Treasurer – (770) 953-7000
Source: BlueLinx Holdings, Inc.