WEI - NYSE to begin delisting proceedings for Weidai stock

NYSE on Monday said it will begin proceedings to delist the American depositary shares of Weidai (NYSE:WEI). Trading in WEI's ADSs was suspended after market close on May 16. NYSE decided to delist the ADSs as WEI was not in compliance with the continued listing standard, requiring listed firms to maintain an average market cap. of at least $15M over 30 trading days. WEI has the right to a review of this decision. NYSE will apply to the SEC to delist the ADSs once all applicable procedures are completed, including any appeal by WEI. WEI in Mar. had regained compliance with NYSE's continued listing rule.

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NYSE to begin delisting proceedings for Weidai stock