Walter Energy, Inc. (OTCMKTS:WLTG), a prominent metallurgical coal producer in the world, announces that NYSE Regulations Inc. has decided to suspend it from trading. As per the reports, NYSE has initiated proceedings to delist the common stock of the company with immediate effect.
What Led To This Situation:
The news has surprised most of the shareholders and market experts, for Walter Energy is considered as one of the reputed companies in the marketplace. The available information suggests that the decision of the New York Stock Exchange is based on ‘abnormally low’ price indications of company’s stocks at the opening of the trading on July 8, 2015.
As per the reports, the New York Stock Exchange has already informed the management of Walter Energy that it would inform the U.S. Securities and Stock Exchange Commission about the matter. NYSE looks forward to filing an appeal with SEC for delisting Walter Energy’s common stock as soon as all the procedures are fulfilled.
Even though, the appeal has been made to SEC, but still Walter Energy will continue to file certain reports under various federal laws available in the country. The suspension of Walter Energy from trading at NYSE will neither affect its business operations nor violate any debt obligation and credit agreements.
No one from company’s management team has come forward and commented on this issue yet. Reporters tried to get in touch with the management team, but couldn’t get any success. Reports claim that this suspension won’t affect company’s credit agreements; however, many of the market experts think that it will put a negative impact on Walter Energy’s credibility in the long run.
It’s difficult to decide anything now, but the picture will be clear in a few days time. Walter Energy, Inc. (OTCMKTS:WLTG) promises to make public any further update as and when it’s available.
