Centric Brands Inc., a leading lifestyle brands collective, announced that on 18th May, 2020, it received notification from The Nasdaq Stock Market LLC, that due to the company’s voluntary filing under Chapter 11 of the U.S. Bankruptcy Code on 18th May, 2020, and in accordance with Nasdaq Listing Rule 5101, Nasdaq has determined that the company’s common stock will be delisted from Nasdaq.
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This expected determination is primarily based on the Filing and associated public interest concerns raised by it. In addition, the company had not yet filed its Annual Report on Form 10-K for the period ended 31st December, 2019.
Given the continued listing requirements of Nasdaq and the company’s intent to emerge from the pending Chapter 11 case as a private entity, it does not plan to appeal the Nasdaq determination. Accordingly, trading of the company’s common stock will be suspended at the opening of business on 28th May, 2020, and a form will be filed with the Securities and Exchange Commission, which will remove the company’s common stock from listing and registration on Nasdaq.
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Centric Brands expects that its common stock may be eligible to be quoted on the OTC Pink Market operated by the OTC Markets Group Inc. There can be no assurance that any public market for the company’s common stock will exist in the future, as quotes on the OTC Pink Market are dependent upon the actions of third parties.