SEC Reviews NYSE American Delisting Rule Amendments
Published Date: 3/20/2026
Notice
Summary
NYSE American wants to change some rules about when and how companies can be kicked off their exchange. These changes affect companies listed on NYSE American and clarify the Exchange’s power to suspend or delist stocks, with some companies losing certain appeal rights. The SEC is now deciding if these rule changes are fair, with a decision expected by March 17, 2026.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
New $0.25 Immediate Delisting Threshold
If a security listed on NYSE American closes below $0.25 on any trading day, the Exchange would immediately suspend trading and begin delisting proceedings. The Exchange proposes this rule to take effect on October 1, 2026.
Delisting Cases Excluded From Section 1009 Process
The Exchange would amend its rules so that securities delisted for falling below the $0.25 Minimum Trading Price would not be eligible to follow the procedures in Section 1009 of the Company Guide. The filing also notes that issuers retain the right to appeal an Exchange delisting decision under Part 12 of the Company Guide.
Broader Suspension for Precipitous Price Declines
The Exchange would clarify it may suspend trading or delist a security when, in its opinion, the trading price has experienced a precipitous decline and is at an abnormally low level from which it is unlikely to recover, even if the price has not fallen below $0.25. This clarification is part of the proposed amendments (effective October 1, 2026).
Removal of $5,000,000 Market-Cap Delisting Proposal
Amendment No. 3 removed the Exchange's earlier proposal that would have subjected issuers with an average market capitalization under $5,000,000 (over a consecutive 30 trading-day period) to immediate suspension and delisting. That removed Minimum Market Capitalization element is therefore not part of the current proposed rule change.
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Key Dates
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