The NYSE American
stock exchange said Monday that it will begin proceedings to delist the common stock of India Globalization Capital Inc.
and that the company’s common stock on the NYSE American will be suspended immediately because it has “substantially discontinued the business that it conducted at the time it was listed or admitted to trading, and has become engaged in ventures or promotions which have not developed to a commercial stage or the success of which is problematical,” according to the press release. In addition, because the exchange believes the company or its management “have engaged in operations which, in the opinion of the Exchange, are contrary to the public interest” it is “necessary and appropriate for the protection of investors to immediately suspend trading in the Company’s common stock.” NYSE American will apply to the Securities and Exchange Commission to delist the Company’s common stock upon completion of all applicable procedures, including any appeal by IGC of the decision. IGC enjoyed a huge jump after announcing a planned line of CBD-infused drinks, which contain ingredients from cannabis that are said to have health benefits, but the company had several red flags.
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