CBL Properties has been notified by the New York Stock Exchange of its determination to commence proceedings to delist the company’s common stock and to suspend trading of the company’s common stock due to “abnormally low” price levels.
The company said it intends to appeal the NYSE’s decision.
The company anticipates that effective Tuesday, CBL’s common stock, Depositary Shares representing interest in its Series D Preferred Stock and Depositary Shares representing interest in its Series E Preferred Stock, will commence trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols “CBLAQ,” “CBLDQ” and “CBLEQ,” respectively.
The transition to the over-the-counter market will not affect the company’s business operations, said company officials.
The development occurred after CBL began bankruptcy proceedings.
Investors can find quotes for the company’s common stock on www.otcmarkets.com.