SQZ Biotechnologies expects common stock to be delisted from NYSE

In a regulatory filing, SQZ Biotechnologies disclosed that on July 3, the company received a written notice from the New York Stock Exchange notifying the company that the NYSE will commence proceedings to delist the company’s common stock from the NYSE. “The NYSE reached this determination pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization of at least $15 million over a consecutive 30-trading day period. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures. The company does not intend to appeal the NYSE’s determination and, accordingly, the company expects that the common stock will be delisted. The NYSE suspended trading in the common stock immediately after market close on July 3, 2023. The Common Stock will begin trading in the over-the-counter markets commencing on July 5,” the filing stated.