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8-K - 8-K - Party City Holdco Inc. | d901922d8k.htm |
Exhibit 99.1
Party City Receives Continued Listing Standard Notice from the NYSE
ELMSFORD, N.Y., April 14, 2020 - Party City Holdco Inc. (the Company or PRTY; NYSE:PRTY) today announced that it received notification from the New York Stock Exchange (NYSE) on April 9, 2020 that the Company is no longer in compliance with NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
Under NYSEs rules, the Company has a period of six months from receipt of the notice to regain compliance with the NYSEs minimum share price requirement. In order to regain compliance, on the last trading day of any calendar month during the cure period, the Companys shares of common stock, $0.01 par value per share (the Common Stock), must have (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30-trading day period ending on the last trading day of such month.
The Companys Common Stock will continue to be listed and traded on the NYSE during this period, subject to its compliance with other NYSE continued listing requirements. The Common Stock will continue to trade under the symbol PRTY but will have an added designation of .BC to indicate the status of the Common Stock as below compliance with the NYSE continued listing standards. The .BC indicator will be removed at such time as the Company regains compliance.
The NYSE notification does not affect Party Citys business operations or its Securities and Exchange Commission reporting requirements, nor does it conflict with or cause an event of default under the Companys material debt or other agreements.
About Party City
Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Companys retail operations include approximately 875 specialty retail party supply stores (including franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name www.partycity.com.
Contacts
Investor Relations
ICR
Farah Soi and Rachel Schacter
203-682-8200
InvestorRelations@partycity.com
Media Relations
ICR
Brittany Fraser
203-682-8200
PartyCityPR@partycity.com