Harte Hanks to Leave NYSE after Delisting Notice

The New York Stock Exchange has begun the process of delisting multi-channel marketing solutions firm Harte Hanks after the latter firm failed to stay above required thresholds for stockholders' equity and/or market equity. The firm will not appeal the decision, and will trade on the OTCQX instead.

Harte Hanks has around 2,400 employees delivering solutions in North America, Asia Pacific and Europe. The firm advises clients on collection and use of customer data, including database build and management, analytics, digital marketing and customer contact, client fulfilment, and marketing and product logistics. The company was warned by the Exchange about delisting three years ago, its share price having dropped below a minimum of one dollar, since when it has made attempts to streamline its senior team and trim their compensation, refresh leadership (CEOs Karen Puckett quit two years ago and her replacement Bant Breen followed soon after), and generally effect a turnaround.

Current Executive Chairman and CEO Andrew Benett (pictured) was previously Global Chief Commercial Officer at Bloomberg Media Group.

The latest warning indicates that the firm has 'failed to maintain either (i) at least $50m in stockholders' equity or (ii) at least $50m in total market capitalization on a 30-trading day average basis'. The company must appeal the decision within 10 business days of the notice, but has already indicated that it will not, preferring to immediately begin trading on the over-the-counter exchange OTCQX Best Market instead, under the symbol HRTE - this transition 'will not affect the company's business operations', it says.

Web site: www.hartehanks.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.