Horizon Lines Stock Trading on OTC
Horzion Line's stock is now trading on the OTC market with new trading symbol (HRZL).
Horizon Lines, Inc. (NYSE: HRZ), the nation's leading domestic ocean shipping company, today announced that its common stock will begin trading on the OTCQB Marketplace, effective October 20, 2011. OTC Markets Group Inc. operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks, including the OTCQB Marketplace. Investors will be able to view the Real Time Level II stock quote, which provides detailed quote information by market maker, for Horizon Lines at http://www.otcmarkets.com under the ticker symbol HRZL.
The transition to the OTCQB 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. The stock is being suspended because it did 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. Horizon Lines 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. In the meantime, the company's stock will trade on the OTCQB Marketplace under the new HRZL stock symbol.
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 under applicable federal securities laws. In addition, the transition of the company's stock to the OTCQB Marketplace 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. "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."