On November 28, 2017, the New York Stock Exchange (the “NYSE”) notified Patriot National, Inc. (the “Company”) that it was commencing proceedings to delist the Company’s common stock because the Company is no longer suitable for listing pursuant to Section 802.01D of the NYSE continued listing standards. The Company’s common stock was suspended from trading on November 28, 2017. The NYSE reached this decision in view of the Company’s November 28, 2017 announcement that it entered into a restructuring support agreement which contemplates that the Company will file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. In reaching its delisting determination, the staff of the NYSE noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the uncertainty as to the ultimate effect of this process on the value of the Company’s common stock.
