Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On July 26, 2024, Conn's, Inc. (the "Company") was notified by the staff of The Nasdaq Stock Market ("Nasdaq") that it had determined to commence proceedings to delist the Company's securities from trading on Nasdaq. As a result of this determination, trading in the Company's common stock will be suspended at the opening of business on August 6, 2024, and a Form 25-NSE will be filed by Nasdaq with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on Nasdaq.
Nasdaq reached its decision that the Company is no longer suitable for listing pursuant to Listing Rules 5101, 5110(b), and 5101-1, after the Company's disclosure on July 25, 2024, that the Company, together with certain of its subsidiaries, had filed for protection under chapter 11 of title 11 of the United States Code (the "Chapter 11 Cases") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court").
Taking into account the Company's desire to reduce operating expenses and maximize the value of its estates, the Company does not intend to appeal Nasdaq's determination.
The Company expects that the trading of its common stock will transition to the OTC Bulletin Board or "pink sheets" market shortly.
The transition to over-the-counter markets will not affect the Company's operations or business and does not change its reporting requirements under SEC rules.
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Conn's Inc. published this content on 01 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2024 20:57:34 UTC.