American Apparel to Be Removed From the New York Stock Exchange
American Apparel stock is worth less than $1 USD per share.
Back in September, American Apparel received a delisting notice from the New York Stock Exchange after shares closed at just $0.16 USD per share. Now, after failing to meet the NYSE’s listing guidelines over the subsequent weeks (shares must maintain a value of at least $1 USD to remain on the exchange), American Apparel is set to be removed from the NYSE entirely. The exchange had originally recommended that the company — which filed for bankruptcy earlier this month after racking up over $300 million USD in debt — undertake a reverse stock split in order to shore up its value.
American Apparel had until October 9 to come up with a plan to regain compliance with the NYSE’s listing rules, but failed to adequately increase its value despite gaining access to $90 million USD in financing October 7.
