NYSE to Immediately Suspend Trading of Performance Sports Group (PSG) Stock; Will Move to Delist
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The New York Stock Exchange (“NYSE”, or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Performance Sports Group Ltd. (the “Company”) – ticker symbol PSG – from the NYSE. Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D, because of the Company’s announcement on October 31, 2016 that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the uncertainty as to the ultimate effect of this process on the value of the Company's common stock.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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