New York Stock Exchange moves to delist Northpark Mall owner, suspend company trading

One day after CBL Properties announced its intention to file for bankruptcy, the company, which owns Northpark Mall in Joplin, announced that the New York Stock Exchange has taken steps to delist CBL and suspends its trading.

The company's news release is printed below:

CBL Properties was notified by the New York Stock Exchange (“NYSE”) of its determination to commence proceedings to delist the Company’s common stock and to suspend trading of the Company’s common stock (ticker symbol: CBL), the Depositary Shares each representing a 1/10th fractional interest of a share of 7.375% Series D Cumulative Redeemable Preferred Stock (ticker symbol: CBLprD), and the Depositary Shares each representing a 1/10th fractional interest of a share of 6.625% Series E Cumulative Redeemable Preferred Stock (ticker symbol: CBLprE), due to “abnormally low” price levels. 

The Company intends to appeal the NYSE’s decision.

The Company anticipates that effective November 3, 2020, CBL’s common stock, Depositary Shares representing interest in its Series D Preferred Stock and Depositary Shares representing interest in its Series E Preferred Stock, will commence trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols “CBLAQ,” “CBLDQ” and “CBLEQ,” respectively. 

The transition to the over-the-counter market will not affect the Company’s business operations. Investors can find quotes for the Company’s common stock on www.otcmarkets.com.