(CercleFinance.com) – Credit Suisse announced today that the New York Stock Exchange (NYSE) notified Credit Suisse on May 1, 2023 that it was no longer in compliance with the minimum price criteria for maintaining the NYSE listing. The NYSE Listed Company Manual requires listed companies to maintain an average closing stock price of at least $1.00 over a consecutive 30 trading day period.
In accordance with NYSE rules, Credit Suisse must report receipt of the notification and has six months to return to compliance with the NYSE’s minimum listing price maintenance criteria.
Credit Suisse expects the shortfall to be satisfied upon completion of the acquisition of Credit Suisse by UBS Group.
‘As part of the acquisition, the common shares of Credit Suisse underlying its American Depositary Shares will be exchanged for the right to receive a fractional share of UBS common stock and, accordingly, delisted from the NYSE ‘ indicates the group.
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