Round Lot Shareholder Compliance Required by August 2015
FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (“Blue Bird”) (NASDAQ: BLBD) (NASDAQ: BLBDW) today
announced that the Listing Qualifications Panel (the “Panel”) of The
NASDAQ Stock Market LLC (“NASDAQ”) has granted Blue Bird’s request for
continued listing on NASDAQ, provided that Blue Bird demonstrates by
August 3, 2015 that it complies with the 400 round lot shareholder
requirement for initial listing on The NASDAQ Global Market (the “Global
Market”), as set forth in NASDAQ Listing Rule 5450(a)(2) (the “Round Lot
Holder Requirement”). A second NASDAQ condition, that confirmation be
provided by April 20, 2015 that Blue Bird satisfies all other initial
listing requirements, has already been satisfied.
As previously disclosed, on February 24, 2015, Hennessy Capital
Acquisition Corp. (“Hennessy”) consummated a business combination in
which it purchased School Bus Holdings Inc. and its subsidiaries and
changed its name to “Blue Bird Corporation.” In accordance with the
NASDAQ Listing Rules, upon completion of the business combination, the
combined entity was required to evidence compliance with all applicable
criteria for initial listing on NASDAQ. As discussed at a hearing before
the Panel on March 19, 2015, Blue Bird believed that it satisfied all
applicable criteria for initial listing on the Global Market, but for
the Round Lot Holder Requirement, at the time of the business
combination. At the hearing, which proceeding was initiated following
NASDAQ’s determination of Hennessy’s non-compliance with the minimum
public shareholder requirement for continued listing on The NASDAQ
Capital Market, Blue Bird presented its plan to evidence compliance with
the Round Lot Holder Requirement for initial listing on the Global
Market. After considering Blue Bird’s presentation, the Panel granted
Blue Bird an extension through August 3, 2015 to evidence compliance
with the Round Lot Holder Requirement.
On April 10, 2015, Blue Bird was notified by the Staff of the NASDAQ
Listing Qualifications Department that, due to Blue Bird’s
non-compliance with the initial listing requirements as of the
completion of the business combination, Blue Bird was not in compliance
with Nasdaq Rule IM-5101-2 at that time. However, because the Panel had
already provided Blue Bird with an extension to evidence compliance with
the initial listing criteria, no further action is required by Blue Bird
to address this issue with the Panel at this time, other than satisfying
compliance with the Round Lot Holder Requirement by August 3, 2015.
Blue Bird is evaluating all potential options to comply with the Round
Lot Holder Requirement, including approaches designed to enable its
employees to purchase shares of its common stock. Blue Bird believes
that, as of April 9, 2015, it had approximately 360 round lot holders,
which constitutes a substantial increase since the consummation of the
business combination. Blue Bird believes that it will be able achieve
compliance with the Round Lot Holder Requirement by August 3, 2015,
although it cannot provide assurances that it will be able to do so.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.
Forward Looking Statements
This press release may include forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements relate
to expectations for future financial performance, business strategies or
expectations for our business. Specifically, forward-looking statements
may include statements relating to:
• Inherent limitations of internal controls impacting financial
statements
• Growth opportunities
• Future profitability
• Ability to expand market share
• Customer demand for certain products
• Economic conditions that could affect fuel costs, commodity costs,
industry size and financial conditions of our dealers and suppliers
• Labor or other constraints on Blue Bird’s ability to maintain a
competitive cost structure
• Volatility in the tax base and other funding sources that support the
purchase of buses by our end customers
• Lower or higher than anticipated market acceptance for our products
• Ability to be successful in Blue Bird’s appeal of the delisting
determination by the staff of the Listing Qualifications Department of
the NASDAQ Stock Market and to meet NASDAQ’s listing standards,
including having the requisite number of stockholders
• Other statements preceded by, followed by or that include the words
“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “target” or similar expressions
These forward-looking statements are based on information available as
of the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not be
relied upon as representing our views as of any subsequent date, and we
do not undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as
may be required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the SEC
by Blue Bird (available at www.sec.gov),
could cause our actual results to differ materially from estimates or
expectations reflected in such forward-looking statements.
Blue Bird Corporation
Jeff Merten, 478-822-2496
Director,
Investor Relations & New Business Development
[email protected]
Source: Blue Bird Corporation