The New York Stock Exchange begins de-listing online car dealer, Cazoo
The New York Stock Exchange (NYSE) has started the process of de-listing the online car retailer, Cazoo’s trade warrants due to ‘abnormally low’ price levels. Warrants give holders the right to buy stock at a set price and at a specific date in the future.
Cazoo suffered a 96.5% drop in its share price in the last year. It was valued at £6.5bn when its CEO and founder, Alex Chesterman launched it on the Stock Exchange in August 2021. Cazoo is now valued at just £110 million.
Cazoo also pulled out of Europe back in August 2022, less than a year after entering the European market and acquiring Italian rival, Brumbrum and Spanish rival, Swipcar.
A comment made by Cazoo to AM Online said: “The recent New York Stock Exchange announcement relates only to the delisting of warrants of Cazoo Group Ltd under the ticker symbol of CZOO WS. The warrants are being delisted due to the low price and volume trading levels. The listing status of our warrants does not impact the Company’s Class A ordinary shares under the ticker symbol CZOO in any way which will continue to trade on the NYSE as normal.”
Confidence in the company has been shaken and Cazoo have been warned if they don’t improve their share price soon, they will be booted from the NYSE entirely.
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Joseph Catley – SYPC Media Manager