GSA Daily Staff Report
Published Nov. 12, 2010

Kemet Corp. has received approval to relist its stock on the New York Stock Exchange, the Simpsonville-based manufacturer announced today.

Trading under the symbol KEM is expected to commence on Monday. Returning to the NYSE market will improve the stock’s liquidity and increase the validity of raising capital through a future stock offering, according to prior filings Kemet submitted to the Securities and Exchange Commission.

Kemet was delisted by the NYSE in January 2009 because its trading price was too low. In June, the company was approved for listing on the NYSE Amex, a market for companies with small capitalizations. Kemet stock has been trading on Amex for around $3 a share.

To regain listing on the NYSE, Kemet’s stock needed to top $4 a share. Earlier this month, shareholders approved a one-for-three reverse stock split, which was effective Monday. The stock is now trading on Amex at $13.75 a share.

"We are extremely pleased to be returning to the NYSE.  Our company has taken many actions over the course of the past two years to mitigate the effects of the worldwide recession," said CEO Per Loof.  "Today our efficiencies and cash management are greatly improved and we have significantly reduced our cost structure.  We are a stronger company today than we were two years ago.  Returning to the NYSE will aid in bringing back visibility of the Kemet story to a larger circle of institutional investors and industry analysts.”

Kemet manufactures tantalum, multilayer ceramic, solid aluminum, film, paper and aluminum electrolytic capacitors.

Previous coverage
Profits return at Kemet
Kemet seeks reverse stock split