By Josh Beckerman
The New York Stock Exchange suspended Revlon Inc. shares, which had higher prices after the company’s June bankruptcy filing amid strong interest from individual investors.
Shares were down 5% at $3.90 before they were halted at about 2:44 p.m. EDT due to news pending.
Revlon said its appeal was rejected, while the NYSE said its Committee for Review of the Board of Directors of the Exchange upheld the previously announced determination to delist Revlon.
Revlon expects its stock to trade on the OTC Marketplace/Pink Sheets following the NYSE delisting process.
On June 16, NYSE announced the delisting determination, citing the chapter 11 filing and noting “uncertainty as to the ultimate effect of this process on the value of the company’s common stock.”
Common shares routinely lose all or most of their value following a company’s chapter 11 bankruptcy reorganization, Revlon’s share price has consistently remained well above its June 16 closing price of $1.95.
Write to Josh Beckerman at josh.beckerman@wsj.com
Techyrack Website stock market day trading and youtube monetization and adsense Approval
Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog
אין תגובות:
הוסף רשומת תגובה