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NYSE to Suspend Trading Immediately in Cian PLC (CIAN) and Commence Delisting Proceedings
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
The New York Stock Exchange (NYSE) has initiated proceedings to delist the American Depositary Shares (ADSs) of Cian PLC (ticker: CIAN). Trading in CIAN's ADSs has been suspended immediately. This decision follows a halt in trading on February 28, 2022, with NYSE Regulation determining that the company is unsuitable for continued listing under Section 802.01D of the NYSE Listed Company Manual. The NYSE will seek approval from the Securities and Exchange Commission to finalize the delisting. Cian PLC has the opportunity to appeal this determination with the NYSE's Board of Directors.
Positive
None.
Negative
Delisting of CIAN's ADSs from NYSE may significantly impact shareholder value.
Trading was suspended immediately, indicating severe regulatory concerns.
The company deemed unsuitable for listing under NYSE guidelines raises red flags for investors.
NEW YORK--(BUSINESS WIRE)--
The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing one Ordinary Share (the “ADSs”) of Cian PLC (the “Company”) — ticker symbol CIAN — from the NYSE. Trading in the Company’s ADSs will be suspended immediately.
On February 28, 2022 NYSE Regulation halted trading in the Company’s ADSs and has now determined that the Company is not suitable for listing pursuant to Section 802.01D of the NYSE Listed Company Manual (the “Manual”), pursuant to which the Exchange can make an appraisal of, and determine on an individual basis, the suitability for continued listing in light of all pertinent facts whenever it deems such action appropriate, even though a security meets or fails to meet any enumerated criteria. In this regard, the Exchange may consider any other event or condition which may exist or occur that makes further dealings or listing of the securities on the Exchange inadvisable or unwarranted in the opinion of the Exchange.
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 Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
