8-K out Last Night. Yes Valid Company & Ticker Symbol and Operations
* On May 18, 2020, J. C. Penney Company, Inc. (the “Company”) was notified by the staff of NYSE Regulation, Inc. (“NYSE Regulation”) that it would file a delisting application with the Securities and Exchange Commission (the “SEC”) to delist the Company’s common stock from the New York Stock Exchange (the “NYSE”). Such application was filed by NYSE Regulation on May 20, 2020, and the delisting will be effective 10 days thereafter. The deregistration of the Company’s common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be effective 90 days, or such shorter period as the SEC may determine, after filing of the Form 25. Upon deregistration of the Company’s common stock under Section 12(b) of the Exchange Act, the Company’s common stock will remain registered under Section 12(g) of the Exchange Act.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported, on May 16, 2020, J. C. Penney Company, Inc. (“J. C. Penney” or the “Company”) was notified by the staff of NYSE Regulation, Inc. (“NYSE Regulation”) that it had determined to commence proceedings to delist the Company’s common stock from the New York Stock Exchange (“NYSE”) after determining that J. C. Penney was no longer suitable for listing pursuant to NYSE Listed Company Manual Section 802.01D after J. C. Penney’s disclosure on May 15, 2020 that it and certain of its subsidiaries had commenced voluntary cases under chapter 11 of title 11 of the United States Code (the “Chapter 11 Cases”).
On May 18, 2020, NYSE Regulation notified the Company of its determination to immediately suspend trading in the Company’s common stock on the NYSE and file a delisting application with the Securities and Exchange Commission (the “SEC”), and on May 20, 2020, NYSE Regulation filed such application on Form 25 with the SEC pursuant to Rule 12d2-2(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Trading of the Company’s common stock has commenced on the OTC Markets Group Inc.’s Pink Open Market under the symbol “JCPNQ.” This transition does not affect the Company’s operations or business and does not change its reporting requirements under SEC rules.
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