Regis (NYSE:RGS) stock is dropping on Thursday after the company was sent a delisting notice by the NYSE Regulation.
This update would see the company’s shares delisted from the New York Stock Exchange for failing to meet listing requirements. In this case, the company isn’t compliant with Section 802.01B. This requires Regis to maintain at least $50 million in stockholders’ equity or a minimum of $50 million in total market capitalization on a 30-trading day average basis.
Investors will note that RGS stock isn’t suspended and won’t be delisted just yet. The company has the right to review the delisting notice and may choose to appeal it. If it fails to do so before Dec. 28, 2023 the NYSE Regulation will start the delisting process.
What This Means for RGS Stock
Regis is still considering what to do in light of this delisting update. The company says it is evaluating all options. It may request to review the delisting notice and floats the idea of switching its shares over to another exchange.
RGS stock is down 18.1% as of Thursday morning. The stock is also down 63.4% year-to-date as of yesterday’s close.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
