Domestic ocean shipping company Horizon Lines Inc. announced Wednesday its common stock will begin trading on the OTCQB Marketplace, effective today.
OTC Markets Group Inc. operates the world’s largest electronic marketplace for broker-dealers to trade unlisted stocks, including the OTCQB Marketplace.
The transition to the OTCQB Marketplace comes after the New York Stock Exchange announced that trading of Horizon Lines’ common stock will be suspended prior to today’s market opening, because it has not maintain an average market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.
“Our stock’s change in trading venue does not have any impact on our ability to provide excellent service to our customers,” said Horizon Lines President Stephen H. Fraser. “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.”
Horizon Lines said it is appealing NYSE’s determination, which in turn has said will not take additional action to pursue delisting the stock until the appeal is completed.
Despite its transition to the new stock listing venue, Horizon will still be obligated to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws. Company executives said listing on the OTCQB Marketplace will have no effect on the shares themselves. To keep track of the stock’s performance, investors must look for the HRZL ticker symbol at http://www.otcmarkets.com.