Harte Hanks, Inc. Announces Suspension of Trading and Commencement Of NYSE Delisting Procedures; Common Stock Expected To Begin Trading On The OTCQX
Harte Hanks, Inc. (NYSE: HHS) (the “Company” or “Harte Hanks”), a leading data-driven multi-channel marketing solutions firm, announced the Company was notified by the New York Stock Exchange (“NYSE”) on July 9, 2020, that the NYSE had determined to commence proceedings to delist the Company’s common stock (the “Common Stock”) as a result of the Company’s failure to comply with the continued listing standard set forth in Section 802.02B of the NYSE Listed Company Manual to maintain either (i) at least $50 million in stockholders’ equity or (ii) at least $50 million in total market capitalization on a 30-trading day average basis.
The NYSE will announce a suspension date at such time as (i) the Company does not request a review of the determination by the Committee of the Board of Directors of the NYSE (the “Committee”) within 10 business days of the notice, (ii) the Company determines that it does not intend to appeal the determination, (iii) the subsequent review of the Committee determines that the Company should be suspended or, (iv) there are other material developments.
The NYSE stated that it will apply to the Securities and Exchange Commission (“SEC”) to delist the Company’s common stock upon completion of all applicable procedures. While the Company has the ability to appeal the decision by the NYSE, Harte Hanks’ Board of Directors has determined that it is in the best interest of the Company and its shareholders to immediately begin trading on the OTCQX® Best Market (the “OTCQX”).
The Company will remain subject to the public reporting requirements of the SEC following the transfer to the OTCQX and expects the Common Stock will trade under the symbol “HRTE”. The transition to the over-the-counter markets will not affect the Company’s business operations.
About Harte Hanks:
Harte Hanks is an industry leader in data-driven, omnichannel marketing solutions and logistics. The fuel that powers this Company is customer data. We offer clients around the world the strategic guidance they need across the customer data landscape as well as the executional know-how in database build and management, data analytics, data-driven creativity, digital media, direct mail, customer contact, client fulfillment, and marketing and product logistics. Harte Hanks has approximately 2,400 employees delivering solutions in North America, Asia-Pacific and Europe. For more information, visit Harte Hanks at www.hartehanks.com, call 800-456-9748, or email us at email@example.com.
Source: Harte Hanks
Editorial Comment: The company has recently reported a further decline in revenue