Triangle Petroleum said March 27 that the NYSE MKT LLC informed it that it will begin delisting Triangle stock--under the ticker TPLM--from the NYSE MKT Exchange. Trading was suspended at market opening.
The NYSE MKT indicated it will begin delisting proceedings pursuant to Section 1002(c) of the NYSE MKT Company Guide following the company's disclosure on March 24 of the effectiveness of the Chapter 11 plan of reorganization for Triangle USA Petroleum Corp., a former subsidiary.
The company has a right to a review of the NYSE MKT's delisting determination; however, the company does not intend to appeal the determination, the press release said.
As a result of the delisting notice, the company's common stock is expected to begin trading on the OTC Exchange.
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