NYSE American, LLC reported that the NYSE Regulation staff will commence proceedings to delist the common stock of Delta Apparel, Inc. (ticker symbol DLA) from the NYSE American. Trading in the company’s common stock was suspended on Monday, July 1, 2024, after the market close.
NYSE Regulation has determined that Delta Apparel is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the Form 8-K disclosure on July 1, 2024, that the company and its domestic direct and indirect subsidiaries filed on June 30, 2024 voluntary petitions under Chapter 11 of The United States Bankruptcy Code in The United States Bankruptcy Court for The District of Delaware.
In reaching its delisting determination, NYSE Regulation noted Delta Apparel’s disclosure regarding the expectation that holders of shares of the company’s common stock would experience a complete or significant loss on their investment, depending on the outcome of the Chapter 11 cases.
Delta Apparel has the right to a review of NYSE Regulation staff’s determination to delist the common stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange.
The NYSE American will apply to the Securities and Exchange Commission to delist the company’s common stock upon completing all applicable procedures, including any appeal by Delta Apparel of the NYSE Regulation staff’s decision.
Delta Apparel is the parent company of the Soffe, Salt Life and Delta brands.
Image courtesy Delta Apparel
