verso corp (VRS) Key Developments
Verso Addresses NYSE Continued Listing Standard
Jun 29 15
Verso Corporation announced that the New York Stock Exchange has notified Verso that it has fallen below the NYSE’s continued listing standard requiring that the average share price of Verso’s common stock be at least $1.00 over a consecutive 30-trading-day period. As of June 24, 2015, the date of the NYSE notification, the average closing price of Verso’s common stock over the past 30 consecutive trading days was $0.96 per share. Verso intends to regain compliance with the NYSE’s continued listing standard by bringing the share price and the average share price of Verso’s common stock back to at least $1.00 within the required period of six months after receipt of the NYSE notification, i.e., by December 24, 2015. However, if Verso cannot cure the share price deficiency by such date, Verso intends to conduct a reverse stock split to facilitate achieving the $1.00 share price and average share price. In such case, as permitted by the NYSE’s rules, Verso would solicit stockholder approval of an appropriate amendment of its certificate of incorporation at its next annual stockholders meeting to be held in May 2016 and would effect the reverse stock split promptly thereafter.
Verso Corp Introduces Ideal(r) Offset Web
Jun 16 15
Verso Corp. introduced Ideal(r) Offset, an uncoated freesheet web product. Ideal(r) Offset delivers a great balance of brightness, shade, consistency and affordability in an uncoated freesheet product. Its 92 brightness and new bluer-white shade, combined with consistent on-press performance and excellent printability, makes Ideal(r) Offset an easy choice for a broad range of commercial printing applications such as annual reports, brochures, bulletins, catalogs, coupons, direct mail, financial documents, flyers, manuals, marketing collateral and newsletters. It is available in 50 lb. to 80 lb. smooth offset, 50 lb. to 60 lb. vellum, and 7 pt. and 9 pt. reply card.
Robert P. Mundy to Leave Verso Corporation as Senior Vice President and Chief Financial Officer, Effective June 30, 2015
Jun 3 15
Verso Corporation announced that Robert P. Mundy, its Senior Vice President and Chief Financial Officer, has decided to leave the company to take a similar position with Packaging Corporation of America. To ensure a smooth transition, Mr. Mundy has agreed to remain with Verso through June 30, 2015, and to provide periodic transitional assistance for two months thereafter.
Verso Corporation Reports Earnings Results for the First Quarter Ended March 31, 2015
May 15 15
Verso Corporation reported earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $806 million compared to $299 million a year ago. Operating loss was $56 million compared to $47 million a year ago. Net loss was $122 million compared to $91 million a year ago. Adjusted EBITDA before pro forma effects of the profitability program of $44 million, compared to $35 million in the first quarter of 2014. Net sales increased $507 million, or 170%, due primarily to the addition of net sales resulting from the NewPage acquisition, compared to the first quarter of 2014.
Verso Corporation to Report Q1, 2015 Results on May 19, 2015
Apr 24 15
Verso Corporation announced that they will report Q1, 2015 results at 9:00 AM, US Eastern Standard Time on May 19, 2015