Revlon stock may get delisted from the New York Stock Exchange (NYSE) soon. In the meantime, the NYSE has suspended trading in Revlon’s Class A common stock. The Company’s Class A common stock is expected to trade on the OTC marketplace/pink sheets following the delisting.
Revlon, Inc. (NYSE: REV) has announced that on October 20, 2022, the NYSE Regulatory Oversight Committee’s Committee for Review rejected the Company’s appeal and affirmed the New York Stock Exchange Staff’s decision to delist the Company’s Class A common stock following the June 15, 2022 Chapter 11 filing by the Company and certain of its subsidiaries in the U.S. Bankruptcy Court for the Southern District of New York.
Before the NYSE announced that it had rejected Revlon’s plea to stay listed on the exchange, shares dropped 5% on Thursday to close at $3.90. According to the firm, the stock, which was selling at roughly $2 when it filed for bankruptcy but shot up more than 400% the following week, is now anticipated to continue trading over the counter. Since then, it has closed at price of around $1.82.
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Revlon expects the NYSE Staff to make an application to the Securities and Exchange Commission to delist the Company’s Class A common stock in the near future.
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Earlier, a request for a wider review of an appeals court decision that they had to return the over $900 million that Citigroup Inc. unintentionally transferred to Revlon Inc. creditors was rejected. The lenders, who include Brigade Capital Management LP, HPS Investment Partners LLC, and Symphony Asset Management, requested last month that a bigger panel of judges examine the three-judge panel’s ruling at the 2nd US Circuit Court of Appeals. But the court had denied the request without comment. Although it is improbable that the US Supreme Court will hear the case, the lenders now have 90 days to submit a petition to the court.