NYSE American to Suspend Trading in India Globalization Capital and Commence Delisting Proceedings
October 29 2018 - 6:40PM
Business Wire
India Globalization Capital, Inc. (NYSE American: IGC) announces
today that it received a letter from the staff of NYSE Regulation
informing the Company that it has determined to commence
proceedings to delist the common stock of India Globalization
Capital, Inc. from the Exchange. Trading in the Company’s common
stock on the NYSE American will be suspended immediately.
NYSE Regulation commenced delisting proceedings against the
Company pursuant to Section 1003(c)(i) of the NYSE American Company
Guide (the “Company Guide”) which states that where the issuer 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, it shall not be
considered an operating company for the purposes of continued
trading and listing on the Exchange.
NYSE Regulation also considered Section 1003(f)(iii) because the
Company or its management have engaged in operations which, in the
opinion of the Exchange, are contrary to the public interest.
Section 1009(a) (ii) of the Company Guide states that it is
necessary and appropriate for the protection of investors to
immediately suspend the Company’s stock.
About IGC:
IGC has two lines of business, a legacy infrastructure business
and a medical cannabis business that has developed a flagship
product for Alzheimer’s patients. The Company recently announced
that it will develop and commercialize a hemp/CBD infused energy
drink. The company is based in Maryland, U.S.A. For more info,
check our websites: www.igcinc.us and www.igcpharma.com and our
Twitter @IGCIR.
Forward-looking Statements:
Please see forward looking statements as discussed in detail in
IGC's Form 10K for fiscal year ended March 31, 2018, and in other
reports filed with the U.S. Securities and Exchange Commission.
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India Globalization Capital, Inc.Claudia Grimaldi,
301-983-0998