Hanger, Austin, Texas, announced that the company’s common stock has been suspended from trading on the New York Stock Exchange (NYSE), effective February 26. The suspension is due to the company’s noncompliance with NYSE listing standards due to its failure to file its Annual Report on Form 10-K for the year ended December 31, 2014, with the U.S. Securities and Exchange Commission (SEC). The filing delay is due to the time the company has found necessary for it to evaluate accounting misstatements and other considerations detected in its previously filed financial statements and other financial data, and to prepare restated financial statements that address these issues. Hanger disclosed in a Current Report on Form 8-K filed on February 26 with the SEC that it does not currently expect to file any periodic reports prior to the fourth quarter of 2016.
The NYSE had provided the company an extension through March 19 to file its Annual Report on Form 10-K for 2014. Due to the company’s determination that it will be unable to meet this date, the NYSE suspended Hanger’s common stock from trading today and announced that it was initiating delisting procedures.
Hanger said it expects that its shares of common stock will begin trading on Monday, February 29, under the symbol HNGR on the OTC Pink, which is operated by OTC Markets Group, New York.
The over-the-counter (OTC) markets are not an exchange, and Hanger does not apply to list its shares. Instead, broker-dealers interested in making a market in the company’s common stock file an application with the Financial Industry Regulatory Authority (FINRA). The quotation of the shares for trading commences after FINRA approves the application. Additionally, instead of using NYSE’s trading platform, brokers trade directly with other brokers on the OTC markets.
Hanger stated that it intends to become current with its SEC filings as expeditiously as is possible, after which time it intends to apply for listing on a national stock exchange.
