Horizon Lines said its common stock will begin trading on the OTCQB Marketplace, effective Thursday, Oct. 20.
Previously the stock had traded on the New York Stock Exchange (NYSE). The stock will now trade under the ticker symbol HRZL.
The transition to the OTCQB comes after the NYSE announced that trading of the common stock of Horizon would be suspended prior to the market opening on Oct. 20 because the carrier did not maintain an average market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE’s continued listing standards.
Horizon said it is appealing the NYSE’s determination. The company has been advised by the NYSE that additional action to pursue delisting of the stock will not be undertaken until the appeal is completed.
This month Horizon Lines completed a $652.8 million comprehensive refinancing that it said will give it adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction.
Horizon’s stock to trade on OTCQB market
