The exchange requires companies to maintain average market capitalization of not less than $50 million over a 30-day trading period if, at the same time, stockholders' equity is less than $50 million. The company's 30 trading-day average market capitalization was $49.5 million as of May 11.
| Fraser |
Horizon said it would submit such a plan, noting it is “in discussions to refinance its debt and, as part of the plan to restore compliance, it hopes that a successful refinancing outcome, if achieved, will help cure the deficiency.”
“Our objective is to secure a comprehensive refinancing,” said Stephen H. Fraser, Horizon president and chief executive officer. “We believe our current stock price and market capitalization reflect investor concern over our ability to achieve a long-term refinancing that deleverages the company and preserves equity. We are working to complete a successful refinancing which we hope will alleviate that concern and help us achieve higher market capitalization.”