Big Lots, a Top 100 retailer, will have its common stock delisted on the New York Stock Exchange as of September 23 at the commencement of trading, the exchange disclosed in a Form 25-NSE filing with the Securities and Exchange Commission on September 10.
The Columbus, Ohio-based discounter voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware one day before to the NYSE’s action. The choice to file was made in connection with a selling agreement to a Nexus Capital Management affiliate during a court-supervised auction procedure. With an agreed-upon purchase price of roughly $760 million, which includes $2.5 million in cash plus the amount of debt payback and the assumption of certain liabilities, Nexus is regarded as the stalking horse bidder.
The NYSE made the decision to delist as a result of the bankruptcy case.
The NYSE acknowledged the uncertainty surrounding the process’s eventual impact on the value of Big Lots’ common shares when making its delisting decision. Big Lots’ common stock should be suspended from trading, the Exchange decided on September 9 and ordered that an application be prepared and submitted to the Commission to remove the stock from the NYSE’s listing and registration.
The stock was trading for 49.7 cents per share before it was stopped. On September 12, the business is anticipated to disclose its Q2 earnings.
Big Lots has the option to appeal the NYSE’s judgment, but the document states that the company told the Exchange it didn’t plan to do so.
