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Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and towing equipment, today announced that on July 25, 2022, it received a letter from the New York Stock Exchange ( NYSE) advising the company of non-compliance with NYSE Continuous Listing Standards because the company’s average market capitalization over a recent consecutive 30-day trading period was less than $50,000,000 and, in the same time equity was less than $50,000,000.
The Company has 45 business days to notify the NYSE of its intention to remedy this deficiency and Horizon Global intends to do so in a timely manner. In accordance with NYSE procedures, the Company intends to submit a plan to the NYSE demonstrating how it intends to return to compliance with the Continuing Listing Standards no later than January 25, 2024.
The NYSE notice 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 the NYSE’s continuous listing standards. The NYSE notification does not affect Horizon Global’s business operations, its reporting requirements to the Securities and Exchange Commission, or the Company’s material debt arrangements.
Horizon Global President and CEO Terry Gohl said, “Despite a challenging global business environment and headwinds specifically affecting our industry, we remain focused on optimizing our global operations and solidifying our Horizon Global as the provider of choice in all jurisdictions we serve. to thank our employees and key stakeholders for their continued dedication as we take immediate steps to improve our financial performance. We look forward to submitting a plan to the NYSE that will outline actions to bring Horizon Global back into compliance with NYSE continuous listing standards.”
About Horizon Global
Based in Plymouth, MI, Horizon Global is one of North America’s leading designers, manufacturers, and distributors of a wide variety of high-quality, custom towing, towing, cargo management, and other related accessories. North, Europe and Africa. The Company serves automotive original equipment manufacturers, retailers, dealer networks and the end consumer as a category leader in the automotive, leisure and agricultural market segments . Horizon provides its customers with exceptional products and services that reflect the company’s commitment to market leadership, innovation and operational excellence. The company’s mission is to use cutting-edge technology to develop and deliver premium products to our customers, interact with our employees, and create value for our shareholders.
Horizon Global manages a collection of regionally recognized brands in the towing and towing industry including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 3,800 employees.
For more information, please visit www.horizonglobal.com.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein speak only as of the date on which 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”, “plan”, “intend”, “s ‘expect’, ‘anticipate’, ‘believe’, ‘target’, ‘plan’ or other comparable words, or through discussions of strategy which may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that could materially affect our business, financial condition or future results, including, but not limited to, risks and uncertainties regarding: the impact of the novel coronavirus (COVID-19) pandemic on the Company’s business, results of operations, financial condition and liquidity, including, without limitation, supply chain and logistics issues and inflationary pressures; the Company’s ability to regain compliance with the New York Stock Exchange’s continuous listing standards; liabilities and restrictions imposed by the Company’s debt instruments, including the Company’s ability to comply with applicable financial covenants relating thereto; market demand; competitive factors; supply constraints and shipping disruptions; material, logistics and energy costs, including increased material costs resulting from the COVID-19 pandemic; inflation and deflation rates; the impact of the conflict between Russia and Ukraine on our business, financial condition or future results, including the duration and scope of this conflict, its impact on disruptions and inefficiencies in our supply chain and our ability to source certain raw materials; technological factors; dispute; governmental and regulatory actions, including the impact of any tariffs, quotas or surcharges; the Company’s accounting policies; future trends; general economic and monetary conditions; various conditions specific to the business and industry of the Company; the success of the Company’s action plan, including the actual amount of savings and the timing thereof; the success of the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and their timing; the Company’s exposure to product liability claims from customers and end users, and the costs associated therewith; factors affecting the Company’s business beyond its control, including natural disasters, pandemics, including the current COVID-19 pandemic, accidents and government 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 here are not the only risks our Company faces. Additional risks and uncertainties not currently known to us or that we currently believe to be immaterial may also materially adversely affect our business, financial condition 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. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We undertake no obligation to review or confirm analysts’ expectations or estimates or to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. , unless otherwise required by law.
Jeff Tryka, CFA
Investor Relations, Lambert & Co.
Source: Horizon Global Corporation