NYSE to suspend trading immediately in Avaya, start delisting proceedings

The New York Stock Exchange announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Avaya Holdings – ticker symbol AVYA – from the NYSE. Trading in the company’s common stock will be suspended immediately. "NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D after the Company’s February 14, 2023 disclosure that the Company has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the Company’s common stock. NYSE Regulation also noted that the Company’s restructuring support agreement does not contemplate any recovery for holders of the Company’s common stock. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision," the Exchange stated. Reference Link