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NYSE Regulation has “determined that the company is no longer suitable for listin”
The New York Stock Exchange announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the American Depositary Shares (Each representing six Common Shares, no par value) of Desarrolladora Homex, S.A.B. de C.V. (NYSE:HXM) from the NYSE.
Trading in the company’s American Depositary Shares will be suspended immediately.
NYSE Regulation has determined that the company is no longer suitable for listing. Pursuant to Listed Company Manual Section 802.01D, NYSE Regulation reached this decision because of the Company’s April 30, 2014 announcement that it has filed a request for a pre-packaged concurso mercantil proceeding before the federal court in Culiacán, Mexico.
NYSE Regulation noted the uncertainty as to the timing and outcome of the proceedings, as well as the ultimate effect of this process on the value of the Company’s American Depositary Shares.
Furthermore, NYSE Regulation noted that the Company was delinquent in filing its December 31, 2013 Form 20-F pursuant to Section 802.01E of the NYSE’s LCM.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems such action appropriate.
In addition, NYSE Regulation may, at any time, suspend trading in a security and commence delisting proceedings if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation.
The NYSE will apply to the Securities and Exchange Commission to delist the American Depositary Shares upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
