The New York Stock Exchange (NYSE) has initiated delisting procedures for two securities of SIGNA Sports United N.V. (SSU) on Wednesday. The decision, driven by "abnormally low" price levels, has resulted in an immediate trading suspension.
The securities in question are ordinary shares with a nominal value of €0.12 per share and public warrants with an exercise price of $11.50. The NYSE Regulation staff made the determination under Section 802.01D of the Listed Company Manual, which outlines the criteria for delisting based on price levels.
Following the announcement, SIGNA Sports can exercise its right to appeal this decision before the Exchange Committee of the Board of Directors. The company's opportunity for review is a standard part of the NYSE's delisting process, allowing listed companies to challenge such decisions.
Upon completion of all procedures, including any potential appeals by SSU, NYSE will then seek approval from the Securities and Exchange Commission to finalize the delisting. This marks the final step in the exchange's procedure to remove a company's securities from its platform.
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