Clear Channel Outdoor Holdings, Inc. Provides Update on Form 10-K Filing
April 03 2018 - 3:43PM
Business Wire
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”)
announced today that the Company will be delayed in filing its
Annual Report on Form 10-K for the fiscal year ended December 31,
2017 (the “Form 10-K”) beyond the extended deadline of April 2,
2018. As previously disclosed, the Company’s delay in filing the
Form 10-K is due to the ongoing special investigation regarding the
misappropriation of funds by employees of Clear Media Limited, an
indirect, non-wholly-owned subsidiary of the Company whose ordinary
shares are listed but suspended from trading on the Hong Kong Stock
Exchange, and other matters discovered during the course of the
special investigation. In light of the ongoing procedures being
undertaken in connection with the special investigation, the
Company was unable to file the Form 10-K by April 2, 2018. The
Company will file the Form 10-K as soon as practicable.
As a result, the Company has received a notice from the New York
Stock Exchange (the “NYSE”) that the Company is not in compliance
with the NYSE’s continued listing requirements under the timely
filing criteria. The NYSE informed the Company that, under the
NYSE’s rules, the Company will have six months from April 3, 2018
to file the Form 10-K with the SEC. The Company can regain
compliance with the NYSE listing standards before that date by
filing the Form 10-K with the SEC.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. is one of the world’s
largest outdoor advertising companies, with over 580,000 displays
in 31 countries across four continents, including 43 of the 50
largest markets in the United States. Clear Channel Outdoor
Holdings, Inc. offers many types of displays across its global
platform to meet the advertising needs of its customers. This
includes a growing digital platform that now offers more than 1,100
digital billboards across 28 markets in the United States. Clear
Channel Outdoor Holdings, Inc.’s International segment operates in
18 countries across Asia and Europe in a wide variety of
formats.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on
the Company’s current management expectations. These
forward-looking statements include all statements other than those
made solely with respect to historical facts and include, but are
not limited to, statements regarding the ongoing special
investigation at Clear Media Limited and expectations about the
timing of the filing of the Form 10-K. Numerous risks,
uncertainties and other factors may cause actual results to differ
materially from those expressed in any forward-looking statements.
These risks, uncertainties and other factors include, but are not
limited to, (1) the uncertainty regarding the investigation and its
ultimate findings, as well as the timing of its completion and
costs and expenses arising out of the investigation process and its
results, (2) the impact of the investigation on the Company, its
management and operations, including its financial impact as well
as any legal proceedings or regulatory action that may arise from
the investigation, any of which may result in a material adverse
effect on the Company, (3) the outcome of the additional procedures
being undertaken by the Company in connection with the review of
the Company’s financial statements, including unanticipated
accounting or audit issues, (4) the existence and identification of
control deficiencies, including disclosure controls as well as any
material weaknesses in internal control over financial reporting,
and any impact of such control deficiencies as well as the
associated costs in remediating those control deficiencies and (5)
findings of criminal or other inappropriate activities by employees
of Clear Media Limited, including violations of Company policies
and procedures, as well as those risks and uncertainties described
in the sections entitled “Risk Factors” in the Company’s most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (“SEC”) and similar disclosures in subsequent
periodic and current reports filed with the SEC. Many of the
factors that will determine the outcome of the subject matter of
this press release are beyond the Company’s ability to control or
predict. The Company undertakes no obligation to revise or update
any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180403006578/en/
Clear Channel Outdoor Holdings, Inc.Media:Wendy
Goldberg, 212-377-1105Executive Vice President –
CommunicationsorInvestors:Eileen McLaughlin,
212-377-1116Vice President, Investor Relations
Clear Channel Outdoor (NYSE:CCO)
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