AUSTIN, Texas, July 10, 2020 /PRNewswire/ -- Harte Hanks, Inc.
(NYSE: HHS) (the "Company" or "Harte Hanks"), a leading data-driven
multi-channel marketing solutions firm, today 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
pr@hartehanks.com.
Cautionary Note Regarding Forward-Looking
Statements:
Our press release and related earnings
conference call contain "forward-looking statements" within the
meaning of U.S. federal securities laws. All such statements are
qualified by this cautionary note, provided pursuant to the safe
harbor provisions of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Statements
other than historical facts are forward-looking and may be
identified by words such as "may," "will," "expects," "believes,"
"anticipates," "plans," "estimates," "seeks," "could," "intends,"
or words of similar meaning. These forward-looking statements are
based on current information, expectations and estimates and
involve risks, uncertainties, assumptions and other factors that
are difficult to predict and that could cause actual results to
vary materially from what is expressed in or indicated by the
forward-looking statements. In that event, our business, financial
condition, results of operations or liquidity could be materially
adversely affected and investors in our securities could lose part
or all of their investments. These risks, uncertainties,
assumptions and other factors include: (a) local, national and
international economic and business conditions, including (i) the
outbreak of diseases, such as the COVID-19 coronavirus, which has
curtailed travel to and from certain countries and geographic
regions, disrupted business operations resulting from travel
restrictions and reduced consumer spending, and uncertainty
regarding the duration of the virus' impact, (ii) market conditions
that may adversely impact marketing expenditures and (iii) the
impact of economic environments and competitive pressures on the
financial condition, marketing expenditures and activities of our
clients and prospects; (b) the demand for our products and services
by clients and prospective clients, including (i) the willingness
of existing clients to maintain or increase their spending on
products and services that are or remain profitable for us, and
(ii) our ability to predict changes in client needs and
preferences; (c) economic and other business factors that impact
the industry verticals we serve, including competition and
consolidation of current and prospective clients, vendors and
partners in these verticals; (d) our ability to manage and timely
adjust our facilities, capacity, workforce and cost structure to
effectively serve our clients; (e) our ability to improve our
processes and to provide new products and services in a timely and
cost effective manner though development, license, partnership or
acquisition; (f) our ability to protect our facilities against
security breaches and other interruptions and to protect sensitive
personal information of our clients and their customers; (g) our
ability to respond to increasing concern, regulation and legal
action over consumer privacy issues, including changing
requirements for collection, processing and use of information; (h)
the impact of privacy and other regulations, including restrictions
on unsolicited marketing communications and other consumer
protection laws; (i) fluctuations in fuel prices, paper prices,
postal rates and postal delivery schedules; (j) the number of
shares, if any, that we may repurchase in connection with our
repurchase program; (k) unanticipated developments regarding
litigation or other contingent liabilities; (l) our ability to
complete anticipated divestitures and reorganizations, including
cost-saving initiatives; (m) our ability to realize the expected
tax refunds; and (n) other factors discussed from time to time in
our filings with the Securities and Exchange Commission, including
under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for
the year ended December 31, 2018 which was filed on March 18,
2019.The forward-looking statements in this press release and our
related earnings conference call are made only as of the date
hereof, and we undertake no obligation to update publicly any
forward-looking statement, even if new information becomes
available or other events occur in the future.
As used herein, "Harte Hanks" or "the Company" refers to Harte
Hanks, Inc. and/or its applicable operating subsidiaries, as the
context may require. Harte Hanks' logo and name are trademarks of
Harte Hanks.
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SOURCE Harte Hanks