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Exchange set to begin delisting proceedings
The New York Stock Exchange has announced that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the Common Shares (the “Common Shares”) of Jaguar Mining Inc. (the “Company”) – ticker symbol JAG – from the NYSE. Trading in the Company’s Common Shares will be suspended prior to the opening on Friday, June 7, 2013.
NYSE Regulation reached its decision to delist the Common Shares pursuant to Listed Company Manual Section 802.01C, in view of the fact that the Company’s Common Shares had fallen below the NYSE’s continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period and the Company failed to cure this non-compliance within the required timeframe.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend trading in a security and commence delisting proceedings if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the Common Shares upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
