Roadrunner Transportation Systems Receives Notice Regarding Continued Listing Standard from NYSE
October 08 2018 - 3:30PM
Business Wire
Roadrunner Transportation Systems, Inc. (“Roadrunner” or the
“company”) (NYSE: RRTS), a leading asset-right transportation and
asset-light logistics service provider, announced today that it
received notice on October 4, 2018 from the New York Stock Exchange
(the “NYSE”) that the company had fallen below the NYSE’s continued
listing standards relating to minimum average global market
capitalization and total stockholders’ investment, which require
that either its average global market capitalization be not less
than $50 million over a consecutive 30 trading-day period, or its
total stockholders’ investment be not less than $50 million.
In accordance with NYSE procedures, the company intends to
submit a plan to the NYSE demonstrating how it intends to regain
compliance with the continued listing standards within the required
18-month timeframe. The company has 45 days to submit its plan to
the NYSE. Upon receipt of the plan, the NYSE has 45 days to review
and determine whether the company has made a reasonable
demonstration of its ability to come into conformity with the
relevant continued listing standards within the 18-month cure
period. During this process and during the 18-month cure period,
the company’s shares will continue to be listed and traded on the
NYSE, subject to the company’s compliance with other listing
standards. The NYSE notification does not affect the company’s
business operations or its SEC reporting requirements.
The company expects that the plan it will submit to the NYSE
will include a discussion of the previously announced rights
offering to existing holders of the company’s common stock, which
the company believes would bring it into compliance with the NYSE’s
continued listing standards relating to minimum average global
market capitalization and total stockholders’ investment.
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading asset-right
transportation and asset-light logistics service provider offering
a full suite of solutions under the Roadrunner®, Active On-Demand®
and Ascent Global Logistics® brands. The Roadrunner brand offers
less-than-truckload, temperature controlled and intermodal
services. Active On-Demand offers premium mission critical air and
ground transportation solutions. Ascent Global Logistics offers
domestic freight management, retail consolidation, international
freight forwarding and customs brokerage. For more information,
please visit Roadrunner’s
websites, www.rrts.com and www.ascentgl.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which relate to future events, performance, and strategic
initiatives. Forward-looking statements also include, among other
things, statements regarding the company’s intent to submit a plan
to the NYSE demonstrating how it intends to regain compliance with
the continued listing standards; whether the company’s shares will
continue to trade on the NYSE; effects of the NYSE notification on
the company’s SEC reporting and business operations; and the
company’s expectation that the plan will bring the company into
compliance with the NYSE’s continued listing standards relating to
minimum average global market capitalization and total
stockholders’ investment. These statements are often, but not
always, made through the use of words or phrases such as “may,”
“will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,”
“ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,”
“opportunity,” and similar words or phrases or the negatives of
these words or phrases. These forward-looking statements are based
on Roadrunner’s current assumptions, expectations, and beliefs and
are subject to substantial risks, estimates, assumptions,
uncertainties and changes in circumstances that may cause
Roadrunner’s actual results, performance, initiatives, or
achievements, to differ materially from those expressed or implied
in any forward-looking statement. Because the risks, estimates,
assumptions and uncertainties referred to above could cause actual
results or outcomes to differ materially from those expressed in
any forward-looking statements, you should not place undue reliance
on any forward-looking statements. Any forward-looking statement
speaks only as of the date hereof, and, except as required by law,
Roadrunner assumes no obligation and does not intend to update any
forward-looking statement to reflect events or circumstances after
the date hereof. For a full discussion of risks and uncertainties,
see the section entitled “Risk Factors” in Roadrunner’s
Registration Statement on Form S-1, filed with the SEC on September
19, 2018, and in Roadrunner’s Form 10-K for the fiscal year ended
December 31, 2017, filed with the SEC on June 20, 2018.
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version on businesswire.com: https://www.businesswire.com/news/home/20181008005757/en/
Reputation PartnersMarilyn Vollrath414-376-8834ir@rrts.com
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