MORRISVILLE, N.C., June 19, 2020 /PRNewswire/
-- Pyxus International, Inc. ("Pyxus" or the "Company") (NYSE: PYX; OTC Pink: PYXSQ), a global value-added agricultural company, today announced
that it has received notification from the New York Stock Exchange (the "NYSE") that the Company's common stock has
been suspended from trading on the NYSE and that the NYSE has determined to commence proceedings to delist the
Company's common stock. The NYSE determined that the Company was no longer suitable for listing under Section
802.01D of the NYSE Listed Company Manual after the Company's June 15, 2020 disclosure
that it and certain of its domestic wholly owned subsidiaries filed voluntary petitions for relief under Chapter 11
of the United States Bankruptcy Code (the "Chapter 11 Cases") in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Company does not intend to appeal the NYSE's
determination and, therefore, it is expected that its common stock will be delisted by the NYSE.
The Company's common stock began to be quoted on the OTC Pink marketplace on June 17, 2020 under the symbol
"PYXSQ". Investors can find quotes for the Company's common stock on www.otcmarkets.com. The Company does not expect a transition to
the OTC Pink marketplace to affect the Company's operations. The Company can provide no assurance that its
common stock will continue to trade on this market, whether broker-dealers will continue to provide public quotes of
the Company's common stock on this market, whether the trading volume of the Company's common stock will be
sufficient to provide for an efficient trading market or whether quotes for the Company's common stock may be
blocked by OTC Markets Group in the future.
About Pyxus International, Inc.
Pyxus International, Inc. (NYSE: PYX) is a global agricultural company with more than 145 years
of experience delivering value-added products and services to businesses, customers and consumers. Driven by a
united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its
subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and
traceable agricultural and consumer-driven products and ingredients. For more information, visit www.pyxus.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains
"forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements
are based on current expectations of future events. Such statements include, but are not limited to, statements
about future financial and operating results, plans, objectives, expectations and intentions and other statements
that are not historical facts. Such statements are based on the current beliefs and expectations of management and
are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown
risks or uncertainties materialize, actual results may differ materially from those currently anticipated, expected
or projected. The following factors, among others, could cause actual results to differ from those expressed or
implied by the forward-looking statements:
- risks and uncertainties relating to the Chapter 11 Cases, including but not limited to: the Company's ability to
obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases and approval of requisite
stakeholders and confirmation by the Bankruptcy Court of the Prepack Plan, the effects of the Chapter 11 Cases
on the Company and its various constituents, the impact of Bankruptcy Court rulings in the Chapter 11 Cases, the
ultimate outcome of the Chapter 11 Cases in general, the length of time the Company will operate under the
Chapter 11 Cases, attendant risks associated with restrictions on the Company's ability to pursue its business
strategies while the Chapter 11 Cases are pending, risks associated with third-party motions in the Chapter 11
Cases, the potential adverse effects of the Chapter 11 Cases on the Company's liquidity, the likelihood of the
cancellation of the Company's common stock in the Chapter 11 Cases, uncertainty regarding the Company's ability
to retain key personnel, whether the Company's leaf tobacco customers, farmers and other suppliers might lose
confidence in the Company's ability to reorganize its business successfully and may seek to establish
alternative commercial relationships, whether, as a result of the Chapter 11 Cases, foreign lenders that have
provided short-term operating credit lines to fund leaf tobacco operations at the local level may lose
confidence in the Company and cease to provide such funding, and uncertainty and continuing risks associated
with the Company's ability to achieve its goals and continue as a going concern;
- risks and uncertainties related to the Company's leaf tobacco operations, including changes in the timing of
anticipated shipments, changes in anticipated geographic product sourcing, changes in relevant capital markets
affecting the terms and availability of short-term seasonal financing, political instability, currency and
interest rate fluctuations, shifts in the global supply and demand position for tobacco products, changes in tax
laws and regulations or the interpretation of tax laws and regulations, resolution of tax matters, adverse
weather conditions, the impact of disasters or other unusual events affecting international commerce, and
changes in costs incurred in supplying products and related services;
- risks and uncertainties related to the COVID-19 pandemic, including possible delays in shipments of leaf
tobacco, including from the closure or restricted activities at ports or other channels, disruptions to the
Company's operations or the operations of suppliers and customers resulting from restrictions on the ability of
employees and others in the supply chain to travel and work, border closures, determinations by the Company or
shippers to temporarily suspend operations in affected areas, whether the Company's operations that have been
classified as "essential" under various governmental orders restricting business activities will continue to be
so classified or, even if so classified, whether site-specific health and safety concerns related to COVID-19
might otherwise require operations at any of the Company's facilities to be halted for some period of time,
negative consumer purchasing behavior with respect to our products or the products of our leaf tobacco customers
during periods of government mandates restricting activities imposed in response to the COVID-19 pandemic, and
the extent to which the impact of the COVID-19 pandemic on the Company's operations and the demand for its
products may not coincide with impacts experienced in the United States due to
the international scope of the Company's operations, including in emerging markets that may have only recently
experienced COVID-19 outbreaks; and
- risks and uncertainties related to the Company's new business lines, including with respect to the impact of
regulation associated with new business lines, including the risk of obtaining anticipated regulatory approvals
for cannabis products in Canada and for nicotine e-liquids products in the United States, uncertainties regarding the regulation of the production and
distribution of industrial hemp products and continued compliance with applicable regulatory requirements,
uncertainties with respect to the development of the industries and markets of the new business lines, consumer
acceptance of products offered by the new business lines, uncertainties with respect to the timing and extent of
geographic and product-line expansion, the impact of increasing competition in the new business lines,
uncertainties regarding the viability of facilities expansions, the possibility of delays in the completion of
facilities expansions and uncertainties regarding the potential production yields of new or expanded facilities,
as well as the progress of legalization of cannabis for medicinal and adult recreational uses in other
jurisdictions.
A further list and description of these risks, uncertainties and other factors can be found in the "Risk Factors"
section of the Company's annual report on Form 10-K for the fiscal year ended March 31,
2019, in Part II, Item 1A "Risk Factors" in the Company's Quarterly Reports on Form 10-Q for the periods
ended June 30, 2019, September 30, 2019 and December 31, 2019 and in the Company's other filings with the Securities and Exchange
Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov). The Company therefore cautions readers against relying
on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on
the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such
statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a result of new information, future events or
otherwise.
SOURCE Pyxus International, Inc.
Related Links
http://www.pyxus.com