NYSE American to Commence Delisting Proceedings Against Mallinckrodt plc (MNK)

NEW YORK--(BUSINESS WIRE)--NYSE American LLC (“NYSE American” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Ordinary Shares of Mallinckrodt plc (the “Company”) — ticker symbol MNK — from NYSE American. Trading in the Company’s Ordinary Shares will be suspended immediately.

NYSE Regulation has determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the disclosure on August 28, 2023 that the Company and certain of its subsidiaries today initiated voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. NYSE Regulation noted that the Company’s Restructuring Support Agreement, entered into on August 23, 2023, provides for the cancellation of the Company’s Ordinary Shares for no consideration.

The Company has a right to a review of staff’s determination to delist the Ordinary Shares by a Committee of the Board of Directors of the Exchange. The NYSE American will apply to the Securities and Exchange Commission to delist the Company’s Ordinary Shares upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.