NYSE to Suspend Trading in ITT Educational (ESI) and Commence Delisting
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The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of ITT Educational Services, Inc. (the “Company”) – ticker symbol ESI – 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 the Company has substantially reduced its operations. On September 6, 2016, the Company announced that it has ceased operations of the ITT Technical Institutes and will not be offering September quarter classes.
The Company has eliminated the positions of the majority of its more than 8,000 employees and concluded that it can no longer continue to operate its ITT Technical Institute campuses. 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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