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NYSE Places Provectus Listing Status Under Review

By: Adam Feuerstein | 05/27/14 - 09:48 AM EDT

Provectus Biopharmaceuticals (PVCT) is having a bad Tuesday. 

The New York Stock Exchange has placed Provectus' listing status under review, following Friday's PV-10 Breakthrough Therapy Designation debacle. The stock may re-open at some point today, or may not. And if Provectus does trade today, it may not trade for long.

Provectus shares have been halted since early Friday at $2.02. 

Here's the statement issued this morning by the NYSE:

The NYSE MKT LLC ("NYSE MKT") announced today that the staff of NYSE Regulation, Inc. ("NYSE Regulation") will continue to review and monitor the listing status of the Common Stock (the "Common Stock") of Provectus Biopharmaceuticals, Inc. (the "Company") - ticker symbol PVCT - on the NYSE MKT.

NYSE Regulation had previously initiated a trading halt in the Company's Common Stock prior to the opening on Friday, May 23, 2014, in advance of the Company's announcement that it had received notification from the United States Food and Drug Administration (the "FDA") that the FDA has declined to designate PV-10 as a Breakthrough Therapy at this time.

NYSE Regulation has now completed its assessment of the May 23, 2014 disclosures in the context of the NYSE MKT Company Guide (the "Company Guide") and will begin the procedure to resume trading in the Company's Common Stock. NYSE Regulation will carefully consider the price indications obtained in the opening process and will assess whether to move to continue to halt or suspend trading in the Company's securities should the: (1) price indications or subsequent trading reflect a price that the NYSE MKT deems to be "abnormally low"; (2) NYSE MKT receive authoritative advice that the security is without value; or (3) Company fall below the quantitative continued listing standards listed in the NYSE MKT Company Guide. NYSE Regulation will continue to closely monitor events at the Company and the appropriateness of continued listing of the Company's securities.
Provectus only started trading on the NYSE MKT on May 16. If delisted, the stock will return to the bulletin boards. 


 

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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