NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Enviva Inc. (the “Company”) — ticker symbol EVA — from the NYSE. Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to NYSE Listed Company Manual Section 802.01D after the Company’s October 4, 2024 Form 8-K disclosure that the Company and certain of its subsidiaries filed the Amended Joint Chapter 11 Plan of Reorganization of Enviva Inc. and Its Debtor Affiliates (the “Amended Plan”) and a related Disclosure Statement for the Amended Plan (the “Amended Disclosure Statement”) with the United States Bankruptcy Court for the Eastern District of Virginia relating to the Company’s March 12, 2024 voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code. In reaching its delisting determination, NYSE Regulation notes that pursuant to the Amended Plan, existing equity interests of the Company will be cancelled and holders thereof will receive no recovery.
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 common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.