McClatchy Receives Notice From NYSE American

The McClatchy Company (NYSE American-MNI) announced today that on September 9, 2019, it received a notice from NYSE American LLC (“NYSE American”) indicating that the Company is not currently in compliance with certain listing standards, and as noted below, has approximately 18 months to become compliant under a plan that is subject to approval by NYSE American.

McClatchy is below compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE American continued listing standards since it reported stockholders’ deficit of $372.5 million as of June 30, 2019 and net losses in each of the four most recent fiscal years ended December 30, 2018. However, NYSE American will not normally consider suspending dealings in, or removing from the list, the securities of an issuer which is below the continued listing standards set forth in Sections 1003(a)(i)-(iii) if the issuer meets certain other criteria, including, among others, total assets and revenues of $50 million in the last fiscal year or in two of the last three fiscal years, and a market value of publicly held shares (as defined by NYSE American) of at least $15 million.

The Company intends to submit a plan to NYSE American by October 9, 2019, advising how the Company plans to regain compliance with the continued listing standards by March 9, 2021. If NYSE American does not accept the plan or the Company is not in compliance with the continued listing standards as of March 9, 2021, or does not make progress consistent with the plan, NYSE American may initiate delisting procedures.

The NYSE American notification does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of the Company’s material debt agreements. During this period, the Company’s common stock will continue to be traded on the NYSE American with the added designation of “.BC” to indicate that the Company is not in compliance with the NYSE American’s continued listing standards, subject to compliance with other continued NYSE American listing requirements.

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