Roadrunner Transportation Receives Warning Notice from NYSE
Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-right transportation and asset-light logistics service provider, announced that it received notice on October 4, 2018 from the New York Stock Exchange (the “NYSE”) that the company had fallen below the NYSE’s continued listing standards relating to minimum average global market capitalization and total stockholders’ investment, which require that either its average global market capitalization be not less than $50 million over a consecutive 30 trading-day period, or its total stockholders’ investment be not less than $50 million.
In accordance with NYSE procedures, the company reports that it intends to submit a plan to the NYSE demonstrating how it intends to regain compliance with the continued listing standards within the required 18-month timeframe. The company has 45 days to submit its plan to the NYSE. Upon receipt of the plan, the NYSE has 45 days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant continued listing standards within the 18-month cure period. During this process and during the 18-month cure period, the company’s shares will continue to be listed and traded on the NYSE, subject to the company’s compliance with other listing standards. The NYSE notification does not affect the company’s business operations or its SEC reporting requirements.
The company expects that the plan it will submit to the NYSE will include a discussion of the previously announced rights offering to existing holders of the company’s common stock, which the company believes would bring it into compliance with the NYSE’s continued listing standards relating to minimum average global market capitalization and total stockholders’ investment.
Category: General Update, News
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