Express Delisted From NYSE, Will Trade on OTC Pink Open Market

Dow Jones03-07

Express shares were suspended from the New York Stock Exchange and will trade on the OTC Pink Open Market.

The NYSE said Wednesday it would seek to delist Express as it didn't comply with a requirement to maintain an average global market capitalization of at least $15 million over 30 consecutive trading days. While the NYSE said the retailer had a right to an appeal, an Express press release and securities filing didn't indicate plans for an appeal.

"Over the past several months, we have taken decisive steps to position Express for the long term, including implementing a series of cost-saving initiatives and streamlining our process to enhance operational efficiency," the company said.

Prior to a trading halt, Express shares were at $2.26 after hours, after rising six cents to $2.29 in the regular session.

The Wall Street Journal reported in February the company was preparing for a debt restructuring that could include filing for bankruptcy.

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