TORONTO – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reported that it has fallen below the New York Stock Exchange continued listing requirement related to the price of its common stock. The NYSE requires that the average closing price of a listed company’s common stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was notified by the NYSE on January 5th, 2022 that the average price of its common stock for the previous 30 trading days was below $1.00 per share.
McEwen Mining intends to take steps to regain compliance with the NYSE continued listing requirements. Under NYSE rules, the Company has a period of six months to bring its share price and 30-day average closing share price back above $1.00. During this period, the Company’s common stock will continue to trade on the NYSE, subject to all other continued listing requirements. At the end of the six-month remedy period, if the share price has not recovered, the Company’s stock will be subject to NYSE suspension and delisting procedures. The Company’s listing on the Toronto Stock Exchange is unaffected by any actions of the NYSE.
McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also has a large exposure to copper through its subsidiary McEwen Copper, owner of the giant Los Azules copper deposit in Argentina.