Condé Nast and Hearst Magazines, two of the world’s largest magazine media companies, today announced the formation of PubWorx, a new, independent company that will manage production, procurement and circulation management for both publishers, and offer custom programs across the industry. Industry veteran Al Perruzza, most recently executive vice president, business operations at Reader’s Digest, has been appointed president and CEO of PubWorx, and will report to a board comprised of executives from Condé Nast and Hearst Magazines. The announcement was made by David Carey, president of Hearst Magazines, and Bob Sauerberg, president and chief executive officer of Condé Nast. PubWorx, a 50/50 joint venture, will incorporate staff and back-office functions from Condé Nast and Hearst Magazines, and will offer third-party companies a range of products and services, including procurement, production, and full-service, end-to-end circulation management operations.
Aéropostale, Inc. (NYSE: ARO), a mall-based specialty retailer of casual apparel for young women and men, today disclosed that on September 29, 2015, it received notice from the New York Stock Exchange (the NYSE) that the average closing price of the Company’s common stock over a consecutive 30 trading-day period had fallen below $1.00 per share, which is the minimum average price required by the NYSE. The notice has no immediate impact on the listing of the Company’s common stock.
The Company plans to notify the NYSE by October 13, 2015 that it intends to cure the deficiency and return to compliance with NYSE continued listing requirements. Under the NYSE rules, the Company can cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If the Company determines that it will cure the stock price deficiency by taking an action that will require approval by its stockholders at the next annual meeting of stockholders, the six-month period described above will extend to shortly after such annual meeting.
The Company intends to consider available alternatives, including but not limited to, a reverse stock split, in order to cure the stock price deficiency and return to compliance with the NYSE continued listing requirement.
The Company’s common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with the other NYSE listing standards.