Pfizer Has Been Delisted From the New York Stock Exchange
Recently, several companies have announced that they will be delisted from the New York Stock Exchange. This includes Pfizer, Exxon Mobil, Sears, and J.C. Penney. But what is the process for delisting a company?
Exxon Mobil delisted from the NYSE
Exxon Mobil’s delisting from the New York Stock Exchange is a major blow to the energy sector. Its stock has fallen nearly 50% over the past year. The company is struggling to maintain its dividend and is facing pressure in key segments like refining. Its delisting is also a sign that times are changing.
Sears delisted from the NYSE
The New York Stock Exchange is a regulated market, and if a company is delisted from the New York Stock Exchange, it is due to comply with its bid price requirements. The minimum bid price is $1 and a company can’t trade below this level for 30 consecutive days. If Sears doesn’t meet this requirement within 180 days, it faces delisting.
J.C. Penney delisted from the NYSE
The New York Stock Exchange has placed J.C. Penney on a delisting watch list. It has six months to raise its stock price to $1 or it will be delisted. To do this, it has to win shareholder approval for a reverse stock split, which reduces the number of shares available on the market and raises the price. JCPenney plans to pursue this plan.
Covid’s efficacy in older adults
Since the release of the first Covid vaccine in December, the number of cases has declined across the U.S., but the epidemic is not yet over. Earlier this year, the number of reported cases reached a pandemic high of 800,000 per day. This week, the number of reported cases has dropped to a low of fewer than 50,000 per day. Nevertheless, Pfizer’s stock fell nearly 2%.
Impact of delisting on Pfizer’s stock price
The stock price of Pfizer could be impacted by delisting, the company said. Pfizer delisted its euro-denominated 0.250% notes, which matured on March 7, 2022. It then paid off the debt with interest. It also removed the notes from the NYSE. Pfizer’s common stock, however, is still listed on the NYSE and Nasdaq.