NYSE American to Commence Delisting Proceedings Against PARTS iD, Inc. (ID)
NYSE American LLC ("NYSE American" or the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A common stock of PARTS iD, Inc. (the "Company") ? ticker symbol ID ? from NYSE American. Trading in the Company's Class A common stock will be suspended immediately.
NYSE Regulation has determined that the Company 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 disclosure on December 26, 2023 that the Company filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. NYSE Regulation noted that the Company disclosed it is unlikely that holders of the Company's Class A common stock will receive any payment or other distribution on account of those shares following the Chapter 11 Cases.
The Company has a right to a review of staff's determination to delist the Class A 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 Class A common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
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