- Delisting is contemplated by the previously announced
comprehensive financial restructuring plan aimed at optimizing
financial and operational efficiency and driving long-term
growth.
- Delisting affects only the shares of Atento S.A. at a
holding company level so will not affect business
operations.
NEW
YORK, July 21, 2023 /PRNewswire/ -- Atento
S.A. (NYSE: ATTO, "Atento" or the "Company"), one of the world's
largest providers of customer relationship and business process
outsourcing (CRM/BPO) services and an industry leader in
Latin America, today announced
that it received notification from the New York Stock Exchange
("NYSE") that the NYSE has initiated proceedings to delist Atento's
ordinary shares from the NYSE. The NYSE initiated the delisting
proceedings after determining the average market capitalization of
Atento's ordinary shares fell below $15
million over a 30 trading-day period under Section
802.01B of the NYSE Listed Company
Manual. The NYSE also indefinitely suspended trading of Atento's
ordinary shares effective July 21,
2023. Atento does not intend to appeal the NYSE's
determination.
Atento's ordinary shares are expected to be quoted on the
appropriate tier of the over-the-counter ("OTC") market. The
Company's ticker symbol on the OTC will remain "ATTO".
The delisting will only affect the shares of Atento S.A. at a
holding company level and so will not affect business operations.
Atento will continue to have reporting obligations under the
Securities Exchange Act of 1934, as amended.
The delisting is contemplated as part of the comprehensive
financial restructuring plan to significantly deleverage Atento's
balance sheet, set out in the restructuring support agreement
entered into by Atento and certain of its financial stakeholders,
previously announced on 3 July 2023.
The restructuring plan provides for interim financing to a
comprehensive financial restructuring aimed at optimizing financial
and operational efficiency and driving long-term growth.
About Atento
Atento is the largest provider of
customer relationship management and business process outsourcing
("CRM BPO") services in Latin
America and one of the leading providers worldwide. Atento
is also one of the leading providers of nearshoring CRM BPO
services for companies operating in the
United States. Since 1999, the Company has developed its
business model in 16 countries, employing approximately 135,000
people. Atento has more than 400 clients, offering a wide range of
CRM BPO services through multiple channels. Atento's clients are
mostly leading multinational companies in telecommunications,
banking and financial services, healthcare, retail and public
administration sectors. In 2019, Atento was named one of the 25
best multinational companies in the world and one of the best
multinationals to work for in Latin
America by Great Place to Work®. In addition, in
2021, Everest named Atento as a "star performer". Gartner has named
the Company two consecutive years a leader in its Magic Quadrant
since 2021. For more information visit www.atento.com
Media Contact
press@atento.com
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as "may," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "intends," "continue" or
similar terminology. These statements reflect only Atento's current
expectations and are not guarantees of future events. These
statements are subject to risks and uncertainties that could cause
actual results and events to differ materially from those contained
in the forward-looking statements. Such risks and uncertainties
include, but are not limited to: the trading price and volatility
of the Atento's common stock and warrants and the effects of the
expected delisting from the NYSE; actions by Atento's lenders
and other financing sources, including any creditor actions that
could impact Atento's operations; Atento's ability to improve its
capital structure and to address its debt service obligations
through the proposed restructuring transaction, including potential
adverse effects of any potential bankruptcy proceedings on Atento's
liquidity and results of operations; Atento's future cash
requirements; competition in Atento's highly competitive
industries; increases in the cost of voice and data services or
significant interruptions in these services; Atento's ability to
keep pace with its clients' needs for rapid technological change
and systems availability; the continued deployment and adoption of
emerging technologies; the loss, financial difficulties or
bankruptcy of any key clients; the effects of global economic
trends on the businesses of Atento's clients; the non-exclusive
nature of Atento's client contracts and the absence of revenue
commitments; security and privacy breaches of the systems Atento
uses to protect personal data; the cost of pending and future
litigation; the cost of defending Atento against intellectual
property infringement claims; extensive regulation affecting many
of Atento's businesses; Atento's ability to protect its proprietary
information or technology; service interruptions to Atento's data
and operation centers; Atento's ability to retain key personnel and
attract a sufficient number of qualified employees; increases in
labor costs and turnover rates; the political, economic and other
conditions in the countries where Atento operates; changes in
foreign exchange rates; Atento's ability to complete future
acquisitions and integrate or achieve the objectives of its recent
and future acquisitions; future impairments of Atento's substantial
goodwill, intangible assets, or other long-lived assets; and
Atento's ability to recover consumer receivables on behalf of its
clients. Atento is also subject to other risk factors described in
documents filed by the Company with the United States Securities
and Exchange Commission. These forward-looking statements speak
only as of the date on which the statements were made. Atento
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/atento-announces-delisting-from-nyse-delisting-expected-in-restructuring-plan-301883341.html
SOURCE Atento S.A.