NYSE to Suspend Trading Immediately in Onion Global Limited (OG) and Commence Delisting Proceedings

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

01/03/2023 - 04:27 PM

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 (“ADSs”), each ten (10) ADSs represents one (1) Class A ordinary share of Onion Global Limited (the “Company”) — ticker symbol OG — from the NYSE. Trading in the Company’s ADSs will be suspended immediately.

NYSE Regulation reached its decision to delist the Company’s ADSs pursuant to Listed Company Manual Section 802.01C, as the Company had fallen below the NYSE’s continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading-day period and failed to cure this non-compliance within the required timeframe.

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 shares upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.