Horizon Global receives non-compliance notice from NYSE
Horizon Global announced that it received a letter from the 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 $50M and, at the same time, stockholders' equity was less than $50M. 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 within the allotted 18-month timeframe. The notice from the NYSE has no immediate impact on the listing of the company's common stock.