News Releases

 
NYSE to Suspend CPI Corp.
Moves to Remove from the List
NEW YORK, February 3, 2012 – The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the common stock of CPI Corp. (the "Company") -- ticker symbol CPY-- from the NYSE.  Trading in the Company’s securities will be suspended prior to the market opening on Thursday, February 9, 2012.  

The Company expects to commence trading on the over-the-counter (OTC) market that same day under a symbol yet to be determined.

NYSE Regulation has determined that the Company is no longer suitable for listing under Section 802.01B of the NYSE Listed Company Manual in view of the fact that it has fallen below the NYSE’s continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of less than $15 million, which is a minimum threshold for listing.
 
The Company had previously fallen below the NYSE’s continued listing standard for average global market capitalization over a consecutive 30 trading day period of less than $50 million and latest reported shareholders’ equity of less than $50 million.  The Company’s business plan was previously accepted by NYSE Regulation, however, in light of the subsequent non-compliance with the aforementioned minimum market capitalization standard, this plan process is no longer available.
 
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate.  In addition, NYSE Regulation may, at any time, suspend a security 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.  Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
 
Company contact:
Jane Nelson
Secretary/General Counsel
CPI Corp.
314-231-1575, ext. 3323
 

 


See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting