NYSE to Suspend Trading Immediately in Quanergy Systems, Inc. (QNGY) and Commence Delisting Proceedings
The New York Stock Exchange ("NYSE", the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the two securities enumerated below ("Securities") of Quanergy Systems, Inc. (the "Company") from the Exchange. Trading in the Company's Securities was suspended after the market close on the NYSE on November 8, 2022.
Symbol |
Description |
QNGY |
Common Stock, $0.0001 par value per share |
QNGY WS |
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
NYSE Regulation reached its decision to delist the Company's Securities pursuant to Section 802.01B of the NYSE's Listed Company Manual because the Company had fallen below the NYSE's continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.
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 Securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
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