Harte-Hanks Inc. will effect a reverse stock split at a ratio of 1-for-10 to regain compliance with the New York Stock Exchange's minimum listing requirements.
Harte-Hanks on Dec. 27 received a notice from the NYSE that the company's average closing price was less than the required $1.00 minimum over a consecutive 30 trading-day period. The company has six months to regain compliance by bringing its share price and average share price back above $1.00, which the company expects will be accomplished when the reverse split is implemented Jan. 31, 2018. The NYSE will commence suspension and delisting procedures if the company fails to regain compliance during the cure period.
Harte Hanks common stock will continue to be listed on the NYSE during the cure period.