Horizon Lines’ common stock started trading on the over-the-counter securities market today under the symbol HRZL following the companies delisting from the New York Stock Exchange.
The switch to the OTC marketplace comes after the New York Stock Exchange (NYSE) announced that trading of the common stock of Horizon Lines will be suspended prior to the market opening on October 20, 2011 due to the stock not maintaining an average market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.
Horizon Lines is appealing the delisting and has been advised by the NYSE that additional action to pursue delisting of the stock will not be undertaken until the appeal is completed. In the meantime, the company’s stock will trade on the OTCQB Marketplace under the new HRZL stock symbol.
“Our stock’s change in trading venue does not have any impact on our ability to provide excellent service to our customers,” said Stephen H. Fraser, President and Chief Executive Officer. “We continue to move forward with a new financial structure resulting from our recent successful refinancing that provides adequate liquidity to fund continuing operations and affords us the opportunity to grow our business and reduce debt over time.”
The transition to the OTCQB Marketplace does not change the company’s obligation to file periodic and other reports with the Securities and Exchange Commission and will have no effect on the shares themselves. Horizon Lines’ shareholders remain owners of the common stock and will be able to trade the stock on the OTCQB Marketplace as of October 20, 2011.