Credit Suisse Group AG announced today that the New York Stock Exchange (NYSE) notified the company on May 1, 2023, that it is no longer in compliance with the NYSE’s continued listing minimum price criteria set forth in the NYSE Listed Company Manual.

The rule requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.

In accordance with NYSE rules, Credit Suisse must disclose receipt of the notice and has six months to regain compliance with the NYSE’s continued listing minimum price criteria.

Credit Suisse expects that the deficiency will be cured upon completion of the acquisition by UBS Group AG of Credit Suisse that was announced on March 19, 2023. Upon consummation of the acquisition, UBS will be the surviving entity.

In connection with the acquisition, Credit Suisse’s ordinary shares underlying its American Depositary Shares will be exchanged for the right to receive a fraction of a UBS ordinary share and as a result delisted from the NYSE.