Horizon Bank misses SEC deadline
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Michigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) says it received a letter from the Nasdaq Stock Market after failing to file an annual year-end report to the U.S. Securities and Exchange Commission by the March 1 deadline. Horizon says the notice has “no immediate effect” on the company’s listing on the exchange.
The letter stated the bank is not in compliance with Nasdaq’s listing rules, which requires timely filing of periodic financial reports with the SEC. The holding company says it had previously filed paperwork seeking an extension of the deadline until March 16.
However, the bank says it later discovered a calculation error that would have changed its status in seeking the extension.
“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,” said Horizon in a news release. “The company believes it is in compliance with all other NASDAQ listing standards and requirements.”
Horizon says it is reviewing its internal policies on financial reporting and making changes as necessary to prevent future compliance problems.
The company does not expect to report any material changes to its financial results previously reported in the earnings release in January.