After nearly 100 years of trading on the New York Stock Exchange (NYSE), J.C. Penney’s stock has been delisted and will now be traded on the OTC Markets Group Inc.’s Pink Open Market, sometimes called the “pink sheets.”
The company filed for Chapter 11 on May 15.
Following the filing, the exchange told Penney that it was “no longer suitable” for listing. On May 20, the NYSE moved to immediately halt trading in Penney’s stock.
Even before the warning, Penney had received warnings from the NYSE that its stock had slipped below the $1 threshold.
At the time of publication, Penney’s stock was trading at 16 cents.
According to Britannia.com, Penney’s stock was first listed on the New York Stock Exchange in 1927.
“This transition does not affect the Company’s operations or business and does not change its reporting requirements under SEC rules,” according to a May 18 filing the company made with the Securities and Exchange Commission.
(Image courtesy of J.C. Penney)
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