NYSE to Suspend Trading Immediately in Warrants of RedBall Acquisition Corp. (RBAC WS) and Commence Delisting Proceedings
The New York Stock Exchange ("NYSE") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants, each exercisable for one Class A ordinary share of RedBall Acquisition Corp. (the "Company") ? ticker symbol RBAC WS ? from the NYSE. Trading in the Company's warrants will be suspended immediately. Trading in the Company's Class A ordinary shares ? ticker symbol RBAC ? and Units ? ticker symbol RBAC U ? is expected to continue on the NYSE through August 16, 2022. The Company had announced on July 29, 2022 that it would redeem its outstanding public ordinary shares on August 17, 2022, as it will not consummate an initial business combination on or prior to this date.
NYSE Regulation has determined that the warrants are no longer suitable for listing based on "abnormally low" price levels of the warrants, pursuant to Section 802.01D of the Listed Company Manual. The Company had also disclosed on July 29, 2022 that there would be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.
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 warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
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