In This Memoir
Spirit Airlines (SAVEQ+10.00%) is enduring one other inevitable embarrassment of its fresh financial extinguish declaration: Its stock has been delisted by the Unique York Stock Change. Shares, which are practically at zero, will now swap within the “pink sheet” market outside of the most indispensable venues.
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“NYSE Regulation reached its resolution that the Company is rarely any longer stunning for listing pursuant to NYSE Listed Company Manual Portion 802.01D after the Company disclosed in its November 18, 2024 Most up to the moment Document on Originate 8-K that the Company filed a voluntary petition for reorganization under chapter 11 of title 11 of the usa Code (the “Economic extinguish Code”),” Spirit said in a submitting Wednesday.
The unique plan to aquire and sell Spirit shares — procuring and selling under the ticker “SAVEQ” in its set aside of the light “SAVE,” — is the class of equities highlighted within the movie Wolf of Wall Avenue. Spirit warns its closing traders that there would possibly per chance be now “a less liquid market for modern and capacity holders” of its stock, and because pink sheet listings are so low-worth and revel in such skinny markets, they’re extraordinarily unsafe.
Within the movie, Leonardo DiCaprio’s Jordan Belfort demonstrates the potentially predatory nature of promoting such investments. He hawks a stock all over a chilly-name pitch within the scene for 10 cents a portion. That’s about where Spirit is procuring and selling now.
Spirit expects to emerge from Chapter 11 by March 2025. There’s precedent for delisted airways to return to the mainstream stock market, though. When United Airlines (UAL-0.29%) declared financial extinguish in 2002, its shares enjoy been also delisted from the Unique York Stock Change (after slightly extra runway — it took a three hundred and sixty five days in its set aside of a pair days). After it emerged from financial extinguish in 2005, the firm came assist to the Nasdaq in 2006.
