Solo Brands, the parent company of Solo Stove, Chubbies, Oru Kayak, and ISLE Brands, has begun the process of delisting from the New York Stock Exchange, according to documents filed with the SEC.
The Texas-based company was warned by the NYSE in February that its stock price was trading at an “abnormally low price,” and trading was suspended.
The NYSE will apply to the SEC to delist the Class A common stock. Solo advised shareholders that it expects those shares to be quoted for trading on the OTC Pink Market.
“The OTC Pink Market is a significantly more limited market than the NYSE, and quotation on the OTC Pink Market will likely result in a less liquid market for existing and potential holders of the Class A Common Stock and could further depress the trading price of the Class A Common Stock,” advised Solo Brands. “The company can provide no assurance that the Class A Common Stock will trade or continue to trade on this market, whether broker-dealers will provide public quotes of the Class A Common Stock on this market, or whether the trading volume of the Class A Common Stock will be sufficient to provide for an efficient trading market.”
The transition to the OTC Pink market will not affect the company’s operations, partner relationships, or employees, it said.
Solo Brands CEO Chris Metz stepped down from the role after one year on the job, and board member John Larson was named interim CEO.
