The New York Stock Exchange has decided to delist the Chinese company Eggshell Apartments for failing to report its financial results and respond to the exchange’s inquiries in a timely manner.
The New York Stock Exchange (NYSE) announced on Tuesday (April 6) that NYSE regulators have decided to initiate the process to delist long-stay apartment operator Eggshell Apartments from the NYSE, and that Eggshell’s ADSs will be immediately delisted, according to Business Wire. The company’s American Depositary Shares (ADSs) will also be suspended from trading immediately.
Eggshell Apartments, a real estate company formally known as Phoenix Tree Holdings, which operates on a similar model to WeWork, has reported a net loss of $1.23 billion ($1.2 billion) since the first quarter of 2020. It has not reported financial results since reporting a net loss of $1.23 billion ($188 million) in the first quarter of 2020.
Eggshells had only been on the stock market for 445 days from its official listing on the New York Stock Exchange until it was delisted on Tuesday.
Business Wire reported that on March 15, 2021, NYSE Regulation determined that the company was unsuitable for listing and halted trading in the company’s American Depositary Shares (ADSs) in accordance with the NYSE Listed Company Manual.
“Eggshell Apartments did not provide the information requested by the NYSE Regulation Department in February and March 2021. In addition, NYSE Regulation noted that the company failed to make timely, adequate and accurate disclosures to shareholders and invested stockholders.
Publicly available information shows that on January 17, 2020, Eggshell Apartments successfully listed on the NYSE in the United States, becoming the first Chinese stock to land on the NYSE in 2020. At that time, a report showed that Eggshell Apartments had become one of the largest shared living space platforms in China, ranking first in the industry in terms of growth rate.
According to a report in Business Wire, Eggshell has requested a review of this decision by a committee of the NYSE Board of Directors. NYSE will apply to the SEC to delist Eggshell’s stock after completing all appropriate procedures, including any appeals filed by Eggshell.
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