SUNNYVALE, CA–(BUSINESS WIRE)–Quanergy Systems, Inc. (“Quanergy” or the “Company”), a leading provider of LiDAR sensors and intelligent 3D solutions, today announced that NYSE Regulation officials have decided to initiate a process to delist the Company’s common stock (NYSE:QNGY) and the Company’s common stock purchase warrants (NYSE:QNGY WS). Trading in these securities was suspended after the NYSE closed on November 8, 2022.
The NYSE regulators made their decision to delist these securities under Section 802.01B of the NYSE Guide to Listed Companies because the company had fallen below the NYSE’s listing standard, which requires listed companies to be listed for a period of 30 consecutive years Trading days an average global market capitalization maintained at least $15 million.
The company does not intend to appeal the delisting decision.
The Company expects its common shares and warrants to begin trading over-the-counter (“OTC”) on November 9, 2022. The common shares will retain their ticker symbol (QNGY). The ticker symbol for the Warrants will be posted here when it becomes available, which is expected to be November 9, 2022. The Company intends to apply to list the Common Shares on the OTCQB, a higher segment of the market operated by OTC Markets Group, Inc. The Company may also apply to have the Warrants listed on the OTCQB where permitted.
About Quanergy Systems, Inc.
Quanergy’s mission is to develop high-performance, affordable intelligent LiDAR solutions for IoT and automotive applications to improve people’s experiences and safety. Through Quanergy’s intelligent LiDAR solutions, companies can now use advanced, real-time 3D insights to transform their operations across a wide range of industries, including industrial automation, physical security, smart cities, smart spaces and more. Quanergy solutions are used by nearly 400 customers around the world. For more information please visit us at www.quanergy.com.
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “may”, “will”, “anticipate”, “intend”. ”, “expect” and similar expressions that predict or indicate future events or trends or are not statements of historical matters. All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements, including statements with respect to the anticipated OTC move of Quanergy’s common stock and warrants and the timing thereof and the possible future move of such securities OTCQB. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from anticipated results. Most of these factors are beyond Quanergy’s control and are difficult to predict. Factors that may cause such discrepancies include, among others: logistical issues related to the transfer of trading in Quanergy securities from the NYSE to the OTC; Quanergy’s ability to meet the criteria for trading its securities on the OTCQB; there can be no assurance that an active market will be maintained in the Company’s common stock or warrants; and other risks and uncertainties discussed in Quanergy’s filings with the US Securities and Exchange Commission, including under the caption “Risk Factors” of the company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2022, as reported at was filed with the SEC on August 12, 2022. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts of future events and beliefs only as of the date of this press release. Except as required by law, Quanergy undertakes no obligation to update these forward-looking statements in the future.