NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the two securities enumerated below (“Securities”) of Rockley Photonics Holdings Limited (the “Company”) from the NYSE. Trading in the Company’s Securities will be suspended immediately.
Symbol |
Description |
|
RKLY |
Ordinary shares, $0.000004026575398 par value per share |
|
RKLY WS |
Warrants, each whole warrant exercisable for one ordinary share at an exercise price of $11.50 per share |
NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D after the Company’s January 24, 2023 disclosure that the Company has voluntarily filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the Company’s ordinary shares. NYSE Regulation also noted that the Company’s prepackaged plan of reorganization contemplates that existing ordinary shares of the Company will be cancelled, extinguished, and released upon consummation of the reorganization.
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 Company’s Securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.