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Quanergy Systems, Inc. ("Quanergy" or the "Company"), a leading provider of LiDAR sensors and smart 3D solutions, today announced that the staff of NYSE Regulation has determined to commence proceedings to delist the Company's common stock (NYSE:QNGY) and the Company's warrants to purchase common stock (NYSE:QNGY). Trading in these securities was suspended after the market close on the NYSE on November 8, 2022.
NYSE Regulation reached its decision to delist these securities 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 over a consecutive 30 trading day period of at least $15,000,000.
The Company does not intend to appeal the delisting determination.
The Company anticipates that its common stock and the warrants will be traded in the over-the-counter ("OTC") market commencing on November 9, 2022. The common stock will retain its ticker symbol (QNGY). The ticker symbol for the warrants will be posted here when available, which is expected to be November 9, 2022. The Company intends to apply to have the common stock quoted on the OTCQB, a higher market tier operated by the OTC Markets Group, Inc. The Company may also apply to have the warrants quoted on the OTCQB, if eligible.
