Quorum Health Corporation Receives NYSE Continued Listing Standard Notice
May 03 2019 - 5:30PM
Business Wire
Quorum Health Corporation (NYSE: QHC) (the “Company”) today
announced that it was notified (the “Notice”) on April 30, 2019 by
the New York Stock Exchange, Inc. (the “NYSE”) that it was not in
compliance with the NYSE’s continued listing standards as a result
of the Company’s average market capitalization being less than $50
million over a consecutive 30 trading-day period and the most
recently reported stockholders’ equity of the Company also being
less than $50 million. As set forth in the Notice, as of April 25,
2019, the 30-trading day average market capitalization of the
Company was approximately $44.0 million and the Company’s last
reported stockholders’ deficit as of December 31, 2018 was
approximately ($90.4) million.
In accordance with the NYSE rules, the Company intends to notify
the NYSE within 10 business days of receipt of the Notice that the
Company intends to cure the deficiency. Under the NYSE rules, the
Company has 45 days from the receipt of the Notice to submit a plan
advising the NYSE of definitive action the Company has taken, or is
taking, which would bring the Company into conformity with
continued listed standards within 18 months of receipt of the
Notice. Within 45 days of receipt of the plan, the NYSE will make a
determination as to whether the Company has made a reasonable
demonstration of an ability to come into conformity with the
relevant standards in the 18 month period. If the NYSE accepts the
plan, the Company’s common stock will continue to be listed and
traded on the NYSE during the 18 month cure period, subject to the
Company’s compliance with other continued listing standards, and
the Company will be subject to quarterly monitoring by the NYSE for
compliance with the plan. The Company’s common stock will continue
to trade under the symbol “QHC,” but will have an added designation
of “.BC” to indicate the status of the common stock as being “below
compliance.”
The NYSE notification does not affect the Company’s business
operations or its Securities and Exchange Commission reporting
requirements, nor does it conflict with or cause an event of
default under any of the Company’s debt agreements.
About Quorum Health Corporation
Quorum Health Corporation is an operator of general acute care
hospitals and outpatient services in the United States. Through its
subsidiaries, the Company owns, leases or operates a diversified
portfolio of 26 affiliated hospitals in rural and mid-sized markets
located across 14 states with an aggregate of 2,458 licensed beds.
The Company also operates Quorum Health Resources, LLC, a leading
hospital management advisory and consulting services business. More
information about Quorum Health Corporation can be found at
www.quorumhealth.com.
Forward-Looking Statements
Certain statements contained in this news release are
forward-looking statements that involve risk and uncertainties.
Actual future events or results may differ materially from these
statements. Readers are referred to the documents filed by Quorum
Health Corporation with the Securities and Exchange Commission,
including the Company’s annual report on Form 10-K, current reports
on Form 8-K and quarterly reports on Form 10-Q. These filings
identify important risk factors and other uncertainties that could
cause actual results to differ from those contained in the
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190503005499/en/
Investor Contact:Asher DewhurstWestwicke
PartnersQuorumHealth@Westwicke.com / (443) 213-0500
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