NEW YORK, June 16, 2020 /PRNewswire/ -- Atento S.A. (NYSE:
ATTO, "Atento" or "Company"), the leading provider of customer
relationship management and business process outsourcing services
(CRM / BPO) in Latin America and
one of the top five providers worldwide, today announced that it
received a May 13, 2020 letter from
the New York Stock Exchange ("NYSE") notifying the Company that its
Common Shares had traded below an average closing price of
$1.00 over a consecutive
30-trading-day period, the minimum price threshold required under
Section 802.01C of the NYSE Listed Company Manual.
Under the NYSE's Continued Listing Standards, a Listed Company
would have a period of six months following the receipt of the
notification to regain compliance. In order to regain compliance,
on the last trading day in any calendar month, the common stock
must have (i) a closing price of at least $1.00 per share and (ii) an average closing price
of at least $1.00 per share over the
30 consecutive trading-day period ending on the last trading day of
such month.
Pursuant to rule filing NYSE SR 2020-36, which became effective
on April 21, 2020, the NYSE is
providing a longer period of time for Companies to regain
compliance by tolling the applicable compliance period through
June 30, 2020 for companies that have
been identified as below compliance with certain continued listing
requirements, including its minimum $1.00 share price and $50
million market capitalization. The tolling period is now
calculated as beginning on July 1,
2020, and Atento has now until January 1, 2021 to regain compliance. If the
Company is unable to regain compliance, the NYSE would initiate
procedures to suspend and delist the common stock.
On May 28, 2020, Atento notified
the NYSE of its intent to cure the aforementioned listing standard
deficiency. The Company's common shares will continue to be listed
and traded on the NYSE, subject to compliance with this and other
NYSE's Continued Listing Standards and to other rights of the NYSE
to delist the common shares. Currently, the Company is in
compliance with all other NYSE Continued Listing Standards. The
NYSE notification does not affect the Company's business operations
or its SEC reporting requirements.
As of June 15, 2020, the trailing
30 trading-day average closing price of Atento's common shares was
already above $1.00 at $1.04, while in June, month-to-date, the average
closing price was $1.30.
Additional information can be found at investors.atento.com,
including the Company's Annual Report on Form 20F, which was filed
with the SEC on April 17, 2020.
About Atento
Atento is the largest provider of
customer relationship management and business process outsourcing
(CRM BPO) services in Latin
America, and among the top five providers globally, based on
revenues. Atento is also a leading provider of nearshoring CRM/BPO
services to companies that carry out their activities in
the United States. Since 1999, the
company has developed its business model in 13 countries where it
employs 150,000 people. Atento has over 400 clients to whom it
offers a wide range of CRM/BPO services through multiple channels.
Atento's clients are mostly leading multinational corporations in
sectors such as telecommunications, banking and financial services,
health, retail and public administrations, among others. Atento's
shares trade under the symbol ATTO on the New York Stock Exchange
(NYSE). In 2019, Atento was named one of the World's 25 Best
Multinational Workplaces and one of the Best Multinationals to Work
for in Latin America by Great
Place to Work®. For more information visit www.atento.com
Investor
Relations
Shay Chor
+55 11
3293-5926
shay.chor@atento.com
|
Investor
Relations
Fernando
Schneider
+ 55 11
3779-8119
fernando.schneider@atento.com
|
Media
Relations
Pablo Sánchez
Pérez
+34
670031347
pablo.sanchez@atento.com
|
Forward-Looking Statements
This press release contains
forward-looking statements. Forward-looking statements can be
identified by the use of words such as "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"intends," "continue" or similar terminology. These statements
reflect only Atento's current expectations and are not guarantees
of future performance or results. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
In particular, the COVID-19 pandemic, and governments'
extraordinary measures to limit the spread of the virus, are
disrupting the global economy and Atento's industry, and
consequently adversely affecting the Company's business, results of
operation and cash flows and, as conditions are recent, uncertain
and changing rapidly, it is difficult to predict the full extent of
the impact that the pandemic will have. Risks and
uncertainties include, but are not limited to, competition in
Atento's highly competitive industries; increases in the cost of
voice and data services or significant interruptions in these
services; Atento's ability to keep pace with its clients' needs for
rapid technological change and systems availability; the continued
deployment and adoption of emerging technologies; the loss,
financial difficulties or bankruptcy of any key clients; the
effects of global economic trends on the businesses of Atento's
clients; the non-exclusive nature of Atento's client contracts and
the absence of revenue commitments; security and privacy breaches
of the systems Atento uses to protect personal data; the cost of
pending and future litigation; the cost of defending Atento against
intellectual property infringement claims; extensive regulation
affecting many of Atento's businesses; Atento's ability to protect
its proprietary information or technology; service interruptions to
Atento's data and operation centers; Atento's ability to retain key
personnel and attract a sufficient number of qualified employees;
increases in labor costs and turnover rates; the political,
economic and other conditions in the countries where Atento
operates; changes in foreign exchange rates; Atento's ability to
complete future acquisitions and integrate or achieve the
objectives of its recent and future acquisitions; future
impairments of our substantial goodwill, intangible assets, or
other long-lived assets; and Atento's ability to recover consumer
receivables on behalf of its clients. In addition, Atento is
subject to risks related to its level of indebtedness. Such risks
include Atento's ability to generate sufficient cash to service its
indebtedness and fund its other liquidity needs; Atento's ability
to comply with covenants contained in its debt instruments; the
ability to obtain additional financing; the incurrence of
significant additional indebtedness by Atento and its subsidiaries;
and the ability of Atento's lenders to fulfill their lending
commitments. Atento is also subject to other risk factors described
in documents filed by the company with the United States Securities
and Exchange Commission.
These forward-looking statements speak only as of the date on
which the statements were made. Atento undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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SOURCE Atento S.A.