PURCHASE, N.Y., Feb. 9, 2015 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, today announced that the New York Stock Exchange has notified the Company that it is out of compliance with the NYSE's continued listing requirements under the timely filing criteria set forth in Section 802.01E of its Listed Company Manual. Such notices are routinely issued by the NYSE in situations when there are late filings with the U.S. Securities and Exchange Commission.
As previously disclosed on Form 12b-25 filed with the SEC on January 14, 2015, MVC requires additional time to complete its Form 10-K for the fiscal year ended October 31, 2014. The delay is attributable to a subsidiary of one of the Company's European portfolio companies, MVC Automotive Group GmbH. The portfolio company has not completed its financial statements for the fiscal year ended December 31, 2013 or for the nine months ended September 30, 2014, and cannot yet be definitively valued as of fiscal year end 2014 by MVC's Valuation Committee.
MVC expects that it will be in compliance with the NYSE listing standards upon filing its Form 10-K and is working diligently to do so as soon as possible.
The NYSE has informed the Company that under the NYSE rules, the Company has until July 30, 2015 to file its 2014 Annual Report on Form 10-K with the SEC. If the Company fails to file its Form 10-K prior to such date, then the NYSE may, in its sole discretion, grant an additional extension of up to six months depending on the specific circumstances. The letter from the NYSE also notes that the NYSE may commence delisting proceedings at any time during the extension period, if the circumstances warrant.
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About MVC Capital, Inc.
MVC Capital is a Business Development Company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
Safe Harbor Statement
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including: MVC Capital's ability to execute its investment strategy (including the focus on more yielding investments); the performance of MVC Capital's investments, including the four senior subordinated loans acquired that are announced in this release; MVC Capital's ability to continue to make cash distributions to shareholders; and changes in economic or financial market conditions and other factors that are enumerated in the Company's periodic filings with the Securities and Exchange Commission. MVC Capital disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.