Stock delistings refer to events that involve the removal of a company’s shares from trading on a specific exchange. A stock can get delisted from an exchange due to several reasons, and usually have significant implications for companies and their investors.
To be more specific, delistings can either be voluntary decisions by companies themselves, often due to strategic reasons, or they can be enforced by the exchange if a company fails to meet listing requirements or violates regulations.
In that light, on Thursday, July 14, Finbold conducted an analysis of the recent and upcoming stock delistings from the New York Stock Exchange (NYSE) – the largest stock market exchange in the world.
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Which companies are set to be delisted from NYSE?
According to NYSE’s official website, there are three companies facing delistings from the world’s leading stock exchange.
These include baby sleep monitor maker Owley Baby Care (NYSE: OWLT.WS), diversified tech company Roper Technologies (NYSE: ROP), and on-demand private aviation provider Wheels Up (NYSE: UP.WS).
Owlet Baby Care warrants delisting
Owlet Baby Care is a company that sells proactive health monitors for sleeping infants.
On June 16, the NYSE announced its decision to delist the warrants of Owlet Inc. at an exercise price of $11.5. The move came into effect immediately after the stock exchange deemed Owlet’s warrants “no longer suitable for listing based on “abnormally low” price levels.”
Meanwhile, trading of Owlet’s Class A common shares, listed under a ticker symbol OWLT, remain available on the NYSE.
Roper Technologies delisting
Roper Technologies, an industrial company that manufactures engineered products for worldwide niche markets, voluntarily decided to delist its common stock from the NYSE earlier this month.
Trading of the company’s common shares on the NYSE ended on July 5. In turn, the company transferred the listing to the Nasdaq Global Select Market, where its shares began trading a day later, on July 6, 2023, according to the filing with the US Securities and Exchange Commission (SEC).
Roper’s common stock is available for trading under the same ticker symbol, ROP, on Nasdaq.
Wheels UP warrants delisting
Similar to Owlet, the NYSE said on June 26 it would delist redeemable warrants of Wheels Up Experience, one of the largest private aviation companies in the world.
Trading in Wheels Up’s warrants was suspended with immediate effect, with the stock exchange citing “abnormally low” prices as the main reason behind the move. As such, NYSE determined that the company’s warrants were “no longer suitable for listing.”
On the other hand, trading in Wheels Up class A common shares has continued normally on the exchange.
According to Statista, NYSE is the world’s largest stock exchange with a $24.3 trillion market capitalization as of May 2023. In 2023, the stock market rebounded strongly as economic conditions significantly improved, providing respite after a challenging 2022 marked by inflation and rising interest rates.
