UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 10, 2015 (December 4, 2015)

 

Arch Coal, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-13105

 

43-0921172

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

CityPlace One
One CityPlace Drive, Suite 300
St. Louis, Missouri 63141

(Address, including zip code, of principal executive offices)

 

Registrant’s telephone number, including area code: (314) 994-2700

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 3.01                       Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On December 4, 2015, Arch Coal, Inc. (“Arch”) received written notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) that it is not in compliance with the NYSE continued listing standards. Section 8.02.01B of the NYSE continued listing standards states that a company will be considered to be below compliance if its average global market capitalization over a consecutive 30 trading-day period is less than $50,000,000, and at the same time stockholders’ equity is less than $50,000,000. Arch is considered below these criteria because its average global market capitalization has been less than $50 million over a consecutive 30 trading-day period, and because its stockholders’ equity was below $50 million, as reported in its most recent 10-Q filed with the Securities and Exchange Commission on November 11, 2015 for the period ended September 30, 2015.

 

In accordance with applicable NYSE procedures, Arch has 10 business days from receipt of the Notice to submit a letter to the NYSE confirming whether it will submit a plan that demonstrates its ability to regain compliance within 18 months.  Upon submission of such a letter, Arch would then submit a plan within 45 days of the receipt of the Notice.  Upon receipt of the plan, the NYSE would have 45 calendar days to review and determine whether Arch has made reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period.  The NYSE will either accept the plan, at which time Arch would be subject to ongoing monitoring for compliance with the plan, or the NYSE will not accept the plan and Arch would be subject to suspension and delisting proceedings.  During the 18-month cure period, Arch shares would continue to be listed and traded on the NYSE, subject to its continued compliance with other NYSE continued listing standards.  Arch can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain a listing of its shares. Currently, Arch has not determined what action to take in response to the Notice.

 

Item 8.01                       Other Events.

 

On December 10, 2015, Arch issued a press release announcing that it has been notified by the NYSE that it has fallen out of compliance with the NYSE continued listing standards. A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 9.01                   Financial Statements and Exhibits.

 

(d)

Exhibits

 

The following exhibits are attached hereto and filed herewith

 

Exhibit No.

 

Description

99.1

 

Press release dated December 10, 2015.

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: December 10, 2015

Arch Coal, Inc.

 

 

 

 

 

 

By:

/s/ Robert G. Jones

 

 

Name:

Robert G. Jones

 

 

Title:

Senior Vice President — Law, General

Counsel and Secretary

 

3



 

Exhibit Index

 

Exhibit No.

 

Description

99.1

 

Press release dated December 10, 2015.

 

4


Exhibit 99.1

 

NEWS FROM ARCH COAL

 

FOR IMMEDIATE RELEASE

Media: Logan Bonacorsi 314/994.2766
Investors: Charles Dayton 314/994.2912

 

Arch Coal Receives Notice Regarding NYSE Listing Criteria

 

ST. LOUIS, December 10, 2015 — Arch Coal, Inc. (NYSE:ACI) (“Arch Coal”) today announced that it has been notified by the New York Stock Exchange Regulation, Inc., that it is not in compliance with the New York Stock Exchange, Inc.’s (“NYSE”) continued listing standards.

 

Arch Coal is considered below criteria established by the NYSE for continued listing standards because its average equity market capitalization has been less than $50 million over a consecutive 30 trading-day period, and because its stockholders’ equity was below $50 million in its most recent 10-Q filed with the Securities and Exchange Commission on November 11, 2015 for the period ended September 30, 2015.

 

In accordance with applicable NYSE procedures, Arch Coal has 10 business days to submit a letter to the NYSE confirming whether it will submit a plan that demonstrates its ability to regain compliance within 18 months.  Upon submission of such a letter, Arch would then submit a plan within 45 days of the receipt of the notice.  Upon receipt of the plan, the NYSE would have 45 calendar days to review and determine whether Arch Coal has made reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period.  The NYSE will either accept the plan, at which time Arch Coal would be subject to ongoing monitoring for compliance with the plan, or the NYSE will not accept the plan and Arch Coal would be subject to suspension and delisting proceedings.  During the 18-month cure period, Arch Coal shares would continue to be listed and traded on the NYSE, subject to its continued compliance with other NYSE continued listing standards.  Arch can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain a listing of its shares.

 

The notice of non-compliance does not affect Arch’s ongoing business operations, and does not trigger any violation of any of the company’s credit agreements or other debt obligations.  Arch Coal will continue to file periodic and certain other reports with the SEC under applicable federal securities laws.

 

U.S.-based Arch Coal, Inc. is one of the world’s top coal producers for the global steel and power generation industries, serving customers on five continents. Its network of mining complexes is the most diversified in the United States, spanning every major coal basin in the nation. The company controls more than 5 billion tons of high-quality metallurgical and thermal coal reserves, with access to all major railroads, inland waterways and a growing number of seaborne trade channels. For more information, visit www.archcoal.com.

 

Forward-Looking Statements: This press release contains “forward-looking statements”  - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation industry; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from operational, geological, permit, labor and weather-related factors; from fluctuations in the amount of cash we generate from operations; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.

 

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