CannTrust to Delist From New York Stock Exchange on April 27th

CannTrust (TSX: TRST) (NYSE: CTST), which has been suspended from trading since March 31st on both the Toronto Stock Exchange and the New York Stock Exchange after seeking protection from creditors, stated then that its shares would soon be delisted from both exchanges. On April 9th, the company disclosed that it will be delisted from the Toronto Stock Exchange at the close of business on May 6th. On Thursday, the New York Stock Exchange issued a Form 25 notifying that CannTrust will be delisted on the open of business on April 27th.

The NYSE indicated that CannTrust had the right to appeal its determination to delist its shares but failed to do so within ten business days of March 31st, when it notified the company by phone and mail of its intent.

Shares of CannTrust had declined 24% in 2020 as of March 31, when they closed at C$0.91, down 94% from its all-time high of C$15.50 in October 2018. Shares are unlikely to trade in the near-term in Canada, as the Ontario Securities Commission issued a cease trade order, though it is likely that shares may trade in the United States on the OTC. The company will be issuing a mandatory bi-weekly update on April 23rd.

Breaking News by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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