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Wheeling-Pittsburgh Once Again in Compliance with NASDAQ Rules
06/18/2007 - Wheeling-Pittsburgh has amended notes issued in March 2006 to affiliates of James P. Bouchard and Craig T. Bouchard, bringing the company back into compliance with NASDAQ’s Marketplace Rule 4350(i)(1)(A).
Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., says that it has amended the notes issued in March 2006 to affiliates of James P. Bouchard, the company's Chairman and CEO, and Craig T. Bouchard, the company's Vice Chairman and President.
Because the original notes could convert into the company’s common stock at a price less than the market value of the company's common stock on the date of note issuance, NASDAQ staff advised that the issuance of notes to affiliates of Messrs. Bouchard was considered a form of "equity compensation." Such compensation would require shareholder approval prior to issuance under Marketplace Rule 4350(i)(1)(A).
Amendments to the notes include a provision that any conversion into company common stock would be at the closing price of the company's common stock on March 15, 2007, or $24.51.
The company received a letter from NASDAQ confirming that the company is in compliance with the NASDAQ Rules and that this matter is now closed.
Wheeling-Pittsburgh is a steel company engaged in the making, processing and fabrication of steel and steel products using both integrated and electric arc furnace technology. The company manufactures and sells hot rolled, cold rolled, galvanized, pre-painted and tin mill sheet products. The company also produces a variety of steel products including roll-formed corrugated roofing, roof deck, floor deck, bridgeform, and other products used primarily by the construction, highway and agricultural markets.
