Horizon Global Addresses NYSE Continued Listing Standards
May 07 2020 - 5:15PM
Business Wire
Horizon Global Corporation (NYSE: HZN), one of the world’s
leading manufacturers of branded towing and trailering equipment,
today announced that on May 1, 2020, it received a letter from the
New York Stock Exchange (NYSE) informing the Company of its
non-compliance with NYSE continued listing standards because the
Company’s average market capitalization over a recent consecutive
30 trading-day period has been less than $50,000,000 and, at the
same time, stockholders' equity was less than $50,000,000.
The Company has 45 business days to notify the NYSE of its
intent to cure this deficiency and Horizon Global intends to do so
on a timely basis. In accordance with NYSE procedures, the Company
intends to submit a plan to the NYSE demonstrating how it intends
to regain compliance with the continued listing standards on or
prior to January 1, 2022 (or such later date as extended by the
NYSE in response to the COVID-19 pandemic).
The notice from the NYSE has no immediate impact on the listing
of the Company’s common stock, which will continue to trade on the
NYSE under the symbol “HZN”, but will be assigned a “.BC” indicator
to signify that the Company is not currently in compliance with
NYSE continued listing standards. The NYSE notification does not
affect Horizon Global’s business operations, its Securities and
Exchange Commission reporting requirements, or any of the Company’s
material debt agreements.
Horizon Global President and CEO Terry Gohl commented, "The
spread of COVID-19 has impacted all facets of our business and the
global economy, as a whole, and contributed to a recent decline in
our market capitalization. We have and will continue to take
aggressive action to mitigate the impact of COVID-19 on our
business, with a focus on our liquidity, operations and the health
and safety of our workforce. Despite the pandemic, we continue to
progress on our operational improvement initiatives and provide
best-in-class service to our customers. We look forward to
submitting a plan to the NYSE that will outline actions intended to
bring Horizon Global back into compliance with the NYSE continued
listing standards.”
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor
of a wide variety of high-quality, custom-engineered towing,
trailering, cargo management and other related accessory products
in North America and Europe. The Company serves OEMs, retailers,
dealer networks and the end consumer as the category leader in the
automotive, leisure and agricultural market segments. Horizon
provides its customers with outstanding products and services that
reflect the Company's commitment to market leadership, innovation
and operational excellence. The Company’s mission is to utilize
forward-thinking technology to develop and deliver best-in-class
products for our customers, engage our employees and create value
for our shareholders. Horizon Global is home to some of the world’s
most recognized brands in the towing and trailering industry,
including: BULLDOG, Draw-Tite, Fulton, Reese, Tekonsha, and
Westfalia. Horizon Global has approximately 3,530 employees in 25
facilities across 17 countries. For more information, please visit
www.horizonglobal.com.
Forward-Looking
Statements
This release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained herein speak only as of the
date they are made and give our current expectations or forecasts
of future events. These forward-looking statements can be
identified by the use of forward-looking words, such as “may,”
“could,” “should,” “estimate,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “target,” “plan” or other
comparable words, or by discussions of strategy that may involve
risks and uncertainties. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties which
could materially affect our business, financial condition or future
results including, but not limited to, risks and uncertainties with
respect to: the impact of the novel coronavirus (COVID-19) pandemic
on the Company’s business, results of operations, financial
condition and liquidity; the Company’s ability to regain compliance
with the New York Stock Exchange’s continued listing standards; the
Company’s leverage; liabilities and restrictions imposed by the
Company’s debt instruments; market demand; competitive factors;
supply constraints; material and energy costs; technology factors;
litigation; government and regulatory actions including the impact
of any tariffs, quotas, or surcharges; the Company’s accounting
policies; future trends; general economic and currency conditions;
various conditions specific to the Company’s business and industry;
the success of the Company’s action plan, including the actual
amount of savings and timing thereof; the success of the Company’s
business improvement initiatives in Europe-Africa, including the
amount of savings and timing thereof; the Company’s exposure to
product liability claims from customers and end users, and the
costs associated therewith; the Company’s ability to meet its
covenants in the agreements governing its debt; factors affecting
the Company's business that are outside of its control, including
natural disasters, pandemics, including the current COVID-19
pandemic, accidents and governmental actions; and other risks that
are discussed in the Company’s most recent Annual Report on Form
10-K, Quarterly Reports on Form 10-Q or Current Reports on Form
8-K. The risks described herein are not the only risks facing our
Company. Additional risks and uncertainties not currently known to
us or that we currently deemed to be immaterial also may materially
adversely affect our business, financial position and results of
operations or cash flows. We caution readers not to place undue
reliance on such statements, which speak only as of the date
hereof. We do not undertake any obligation to review or confirm
analysts’ expectations or estimates or to release publicly any
revisions to any forward-looking statement to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20200507006142/en/
Jeff Tryka Investor Relations, Lambert & Co. (616) 295-2509
jtryka@horizonglobal.com
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