Horizon Global receives non compliance letter from NYSE continued listing standards.
Global Banking News-January 4, 2019-Horizon Global receives non compliance letter from NYSE continued listing standards
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Horizon Global Corporation (NYSE:HZN) revealed on Friday that it received a letter stating non-compliance with continued listing standards, from the New York Stock Exchange (NYSE) on 3 January 2019.
This is because the company's average market capitalisation over a recent consecutive 30 trading-day period has been less than USD50m and stockholders' equity was less than USD50m as well.
Also, the company has 45 business days to notify the NYSE of its intent to cure this deficiency and in accordance with NYSE procedures, the company intends to submit a plan demonstrating how it intends to regain compliance with the continued listing standards within the allotted 18-month time frame.
Finally, the company mentioned that this NYSE notice has no immediate impact on the listing of its common stock, which will continue to trade on under the symbol "HZN", but will be assigned a ".BC" indicating its non compliance. Neither does the notification affect its business operations, US Securities and Exchange Commission reporting requirements, or any of its material debt agreements.
Horizon Global designs, manufactures and distributes different quality, custom-engineered tow, trailer, cargo management and other related accessory products in North America, Australia and Europe. It has about 4,300 employees in 58 facilities across 21 countries worldwide.
((Distributed via M2 Communications - http://www.m2.com))
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|Publication:||Global Banking News (GBN)|
|Date:||Jan 4, 2019|
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