The New York Stock Exchange announced that NYSE Regulation has determined to commence delisting proceedings against Natuzzi S.p.A. (NYSE: NTZ), an Italian furniture company, and has immediately suspended trading in the company's American Depositary Shares (ADSs).

NYSE Regulation made its decision under Section 802.01B of the NYSE's Listed Company Manual, citing Natuzzi's failure to maintain an average global market capitalization of at least $15,000,000 over a consecutive 30 trading day period, a requirement for continued listing on the exchange.

Each of Natuzzi's ADSs represents five ordinary shares of the company. Natuzzi has the right to appeal the determination to a committee of the NYSE's Board of Directors. The NYSE said it will apply to the U.S. Securities and Exchange Commission to formally delist the ADSs after all applicable procedures, including any appeal, are completed.