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Horizon Bancorp, Inc. Discloses Receipt of NASDAQ Notice
MICHIGAN CITY, Ind., March 10, 2023 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) - On March 6, 2023, Horizon Bancorp, Inc. (“Horizon Bancorp” or the “Company”)
About this update from Horizon Bancorp, Inc.
[{"type":"text","content":"MICHIGAN CITY, Ind., March 10, 2023 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) - On March 6, 2023, Horizon Bancorp, Inc. (“Horizon Bancorp” or the “Company”) received a letter (the “Letter”) from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that, as a result of not having timely filed its Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) by March 1, 2023 with the Securities and Exchange Commission (the “SEC”), the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the SEC. This notice from NASDAQ has no immediate effect on the listing of the Company's common stock on the NASDAQ Global Select Market. The Company has 60 days within which to submit a plan to NASDAQ showing how it intends to regain compliance. The Company intends to file its 2022 Form 10-K as soon as possible, and thereafter, believes it will be in compliance with all of the NASDAQ continued listing requirements. Prior to receiving the Letter from NASDAQ, the Company believed it qualified as an “accelerated filer,” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and therefore, the deadline for filing its 2022 Form 10-K was March 16, 2023. As a result, the Company planned to file its 2022 Form 10-K prior to such deadline. However, the Company has now concluded that it made a calculation error in computing its public float and that it instead qualifies as a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act for purposes of its 2022 Form 10-K. As a result, the filing deadline for the Company’s 2022 Form 10-K was March 1, 2023. The Company believes this is the first time in its history that it has failed to timely file a periodic report with the SEC or failed to satisfy a NASDAQ listing rule or requirement. The Company believes it is in compliance with all other NASDAQ listing standards and requirements. Notwithstanding the foregoing, the Company is reviewing its internal policies and procedures and updating them as necessary to ensure future compliance. Consistent with the previous disclosures made by the Company in its Form 12b-25 filed with the SEC on March 10, 2023, the Company has identified material weaknesses in the Company’s internal controls over financial rep...