NYSE to Suspend Trading in Agria Corp (GRO) and Commence Delisting
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he New York Stock Exchange (“NYSE” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist from the NYSE the American Depositary Shares (each representing two ordinary shares) (the “ADSs”) of Agria Corporation (Agria or the “Company”) -- ticker symbol GRO (NYSE: GRO). Trading in the Company’s ADSs will be suspended immediately.
The determination to delist the Company was based on an investigation conducted by NYSE Regulation, which uncovered evidence demonstrating that the Company and its management engaged in operations contrary to the public interest and not in keeping with sound public policy pursuant to Section 802.01D of the Listed Company Manual.
NYSE Regulation identified evidence indicating the Company (i) through a top executive and other intermediaries engaged in trading intended to artificially inflate GRO’s stock price, including to improperly avoid having the Company delisted for failing to comply with NYSE’s continued listing standards requiring companies to maintain an average stock price of at least $1.00 per share over a consecutive thirty-day trading period and (ii) provided incomplete, misleading, or false information in connection with investigations related to these issues.
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 ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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