SAN ANTONIO, April 16, 2020 /PRNewswire/ -- Clear Channel
Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced
that on April 10, 2020, the Company
received formal notice from the New York Stock Exchange ("NYSE")
that it was not in compliance with the NYSE's continued listing
standards as a result of the average closing price of the Company's
common stock being less than $1.00
per share over a consecutive 30 trading-day period.
In accordance with the NYSE rules, the Company has a period of
six months following the receipt of the NYSE notice to regain
compliance with the minimum share price requirement. The NYSE rules
require the Company to notify the NYSE, within 10 business days of
receipt of the NYSE notice, of its intent to cure this deficiency.
The Company intends to notify the NYSE of its intent to cure the
deficiency and return to compliance with the NYSE continued listing
requirements within the six-month cure period.
The Company can regain compliance at any time during the
six-month cure period if on the last trading day of any calendar
month during the cure period, its common stock has a closing share
price of at least $1.00 and an
average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month. Failure to satisfy the
conditions of the cure period or to maintain other listing
requirements could lead to a delisting.
The NYSE notice does not affect the Company's business
operations or its reporting obligations with the Securities and
Exchange Commission, nor does it trigger any violation of its debt
obligations.
Under the NYSE rules, the Company's common stock will continue
to be listed and traded on the NYSE during the six-month cure
period, subject to the Company's compliance with other continued
listing requirements. The Company is considering all
available options to regain compliance with the NYSE continued
listing standards, which may include a reverse stock split, subject
to approval of the Company's board of directors and
stockholders.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the
world's largest outdoor advertising companies with a diverse
portfolio of approximately 460,000 print and digital displays in 32
countries across Asia,
Europe, Latin America and North America, reaching millions of people
monthly. A growing digital platform includes more than 15,000
digital displays in international markets and more than 1,700
digital displays (excluding airports), including more than 1,400
digital billboards, in the U.S.
Comprised of two business divisions – Clear Channel Outdoor
Americas (CCOA), the U.S. and Caribbean business division, and Clear Channel
International (CCI), covering markets in Asia, Europe
and Latin America – CCO employs
approximately 5,900 people globally. More information is available
at investor.clearchannel.com, clearchannelinternational.com and
clearchanneloutdoor.com.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Clear Channel Outdoor Holdings, Inc. to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The words or phrases "guidance," "believe," "expect,"
"anticipate," "estimates," "forecast" and similar words or
expressions are intended to identify such forward-looking
statements. In addition, any statements that refer to expectations
or other characterizations of future events or circumstances, such
as statements about plans to restore compliance with NYSE continued
listing standards, are forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, some of which
are beyond our control and are difficult to predict.
Various risks that could cause future results to differ from
those expressed by the forward-looking statements included in this
press release include, but are not limited to: the magnitude of the
impact of the COVID-19 pandemic on our operations and on
general economic conditions; weak or uncertain global economic
conditions and their impact on the level of expenditures on
advertising, including the effects of Brexit and economic
uncertainty in China; our ability
to service our debt obligations and to fund our operations and
capital expenditures; industry conditions, including competition;
our ability to obtain key municipal concessions for our street
furniture and transit products; fluctuations in operating costs;
technological changes and innovations; shifts in population and
other demographics; other general economic and political conditions
in the United States and in other
countries in which we currently do business, including those
resulting from recessions, political events and acts or threats of
terrorism or military conflicts; changes in labor conditions and
management; the impact of future dispositions, acquisitions and
other strategic transactions; legislative or regulatory
requirements; regulations and consumer concerns regarding privacy
and data protection; a breach of our information security measures;
restrictions on outdoor advertising of certain products;
fluctuations in exchange rates and currency values; risks of doing
business in foreign countries; third-party claims of intellectual
property infringement, misappropriation or other violation against
us; the risk that the Separation could result in significant tax
liability or other unfavorable tax consequences to us and impair
our ability to utilize our federal income tax net operating loss
carryforwards in future years; the risk that we may be more
susceptible to adverse events following the Separation; the risk
that we may be unable to replace the services iHeartCommunications
provided us in a timely manner or on comparable terms; our
dependence on our management team and other key individuals; the
risk that indemnities from iHeartMedia will not be sufficient to
insure us against the full amount of certain liabilities;
volatility of our stock price; the impact of our substantial
indebtedness, including the effect of our leverage on our financial
position and earnings; the ability of our subsidiaries to dividend
or distribute funds to us in order for us to repay our debts; the
restrictions contained in the agreements governing our indebtedness
and our Preferred Stock limiting our flexibility in operating our
business; the effect of analyst or credit ratings downgrades;
certain other factors set forth in our other filings with the SEC;
as well as our ability to regain compliance with the continued
listing criteria of the NYSE and continue to comply with other
applicable listing standards within the available cure period. This
list of factors that may affect future performance and the accuracy
of forward-looking statements is illustrative and is not intended
to be exhaustive.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Other key risks are described in the section entitled "Item 1A.
Risk Factors" of the Company's reports filed with the U.S.
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended December 31,
2019. Except as otherwise stated in this press release, the Company
does not undertake any obligation to publicly update or revise any
forward-looking statements because of new information, future
events or otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.