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Express, Inc. shares are trading lower by 32% to $1.55 Thursday morning after the company’s common stock was delisted from the NYSE and trading suspended on March 6.

The stock will now trade on the OTC Pink Market under the symbol “EXPR”. This transition won’t affect the company’s operations, SEC reporting obligations or debt agreements. The delisting was due to the company’s failure to maintain an average global market capitalization of at least $15 million over 30 consecutive trading days, as required by NYSE rules.

Express CEO Stewart Glendinning stated that despite this development, the company remains committed to serving customers and positioning itself for future growth, having implemented cost-saving measures and operational enhancements in recent months.

Why Express (EXPR) Stock Is Moving