$GTT Communications Inc(GTT)$NYSE to Suspend Trading in GTT Communications, Inc. (GTT) and Commence Delisting Proceedings

July 02, 2021 09:21 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of GTT Communications, Inc. (the “Company”) -- ticker symbol GTT -- 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, because the Company is delayed in filing with the Securities and Exchange Commission its quarterly reports on Form 10-Q for the quarters ended June 30, 2020, September 30, 2020 and March 31, 2021 and annual report on Form 10-K for the fiscal year ended December 31, 2020 (collectively, “Delayed Filings”). The Company informed the NYSE and made public disclosure on July 2, 2021 that it will not be able to complete its Delayed Filings by August 17, 2021, which is the maximum time allowed under Section 802.01E of the NYSE’s Listed Company Manual.

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.

Here's what happens when a stock is delisted. A company receives a warning from an exchange for being out of compliance. That warning comes with a deadline, and if the company has not remedied the issue by then, it is removed from the exchange and instead trades over the counter (OTC), meaning through a dealer network. The mechanics of trading the stock remain the same, as do the business's fundamentals. You don't automatically lose money as an investor, but being delisted carries a stigma and is generally a sign that a company is bankrupt, near-bankrupt, or can't meet the exchange's minimum financial requirements for other reasons. Delisting also tends to prompt institutional investors to not continue to inve.

From yahoo