Photo courtesy of The Hertz Corp.
Hertz Global Holdings Inc. has announced that it received a notice from the New York Stock Exchange (NYSE) notifying of Hertz’s failure to meet a NYSE listing standard. This resulted from Hertz’s failure to timely file its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014 (as provided by Rule 802.01E of the NYSE Listed Company Manual).
As previously disclosed, Hertz was unable to timely file its 2014 Form 10-K with the Securities and Exchange Commission (SEC) because of the ongoing nature of the company's previously announced thorough review and investigation of its internal financial records for fiscal years 2011, 2012 and 2013, according to the company. As a result of the ongoing nature of this review and its impact on Hertz’s 2014 financial results, it was unable to file the 2014 Form 10-K by the extended due date of March 17, 2015.
The financial review and investigation is ongoing. Hertz continues to expect that it will not be able to file updated financial statements, including the 2014 Form 10-K, before mid-2015, and there can be no assurance that the process will be completed by that time, according to the company.
Hertz has until Sept. 17, 2015 to cure the filing delinquency associated with its failure to file the 2014 Form 10-K. The NYSE may, in its discretion, extend the initial cure period for up to six months after Sept. 17, 2015.
Subject to the NYSE's ongoing oversight and review, Hertz can regain compliance during the cure period by filing its 2014 Form 10-K and subsequent Form 10-Qs with the SEC. If Hertz fails to file its SEC filings by the expiration of any applicable cure period, the NYSE may commence proceedings to delist the company's common stock.
Hertz believes that it will continue to be listed on the NYSE, but there can be no assurance that it will be able to file the SEC filings within the initial cure period or any extended cure period, according to the company.
Additionally, the NYSE maintains the ability to commence delisting procedures at any time during the cure period, but as of today Hertz doesn’t believe the NYSE will do so, says the company.