Wall Street urges Natuzzi to raise low rated stock: the group sets a plan to prevent delisting

Natuzzi, leading manufacturer and supplier of sofas and home furnishings, founded in the Apulian region, have been striving hard, since the beginning of 2019, to sort out the company’s situation. They have been setting a massive industrial plan to prevent the layoff of over two thousand employees and avoid, at the same time, a dangerous delisting, after 16 years, from the New York Stock Exchange. At Wall Street the situation first turned alarming on 26 December 2018, since in the previous 30 sessions Natuzzi’s stock had been estimated, at the closing of transactions, at less than one dollar as average price. Over the last days, the company’s headquarters, based in Santeramo, set a counterattack plan which aims to put together American Depositary Receipts (ADR), that is, negotiable certificates of title to a few shares in a non-US company, into groups of five shares and, consequently, get their price raised. On top of that, Natuzzi are about to launch a plan, during the shareholder’s meeting which is supposedly scheduled at the end of April 2019, to buy back their shares, while encouraging their own managers and employees through the implementation of a buyback program – as reported in the corporate press release made public by the Investor relation unit – : the aim is to match senior management performances with goals progressively fixed, from time to time, by Natuzzi Group, whose Chief Operations Officer is now Antonino Gambuzza, formerly manager at Ilva and FCA. The company will be watched by at the New York Stock Exchange until 26 June 2019: such complex financial manoeuvre primarily aims to prevent the company delisting, that is, the stock removal from Wall Street’s trading register, to subsequently revitalise the whole Natuzzi Group.

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