NYSE to Suspend Trading Immediately in Warrants of Ribbit LEAP, Ltd. (LEAP WS) and Commence Delisting Proceedings
The New York Stock Exchange ("NYSE") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants of Ribbit LEAP, Ltd. (the "Company"), each exercisable for one Class A ordinary share - ticker symbol LEAP WS - from the NYSE. Trading in the Company's warrants will be suspended immediately. Trading in the Company's Class A ordinary shares - ticker symbol LEAP - and Units - ticker symbol LEAP U - is expected to continue on the NYSE until August 15, 2022. The Company announced on August 2, 2022 that it will redeem all of its outstanding Class A ordinary shares, effective as of the close of business on August 15, 2022, ecause the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association.
NYSE Regulation has determined that the warrants are no longer suitable for listing based on "abnormally low" price levels, pursuant to Section 802.01D of the Listed Company Manual. The Company also disclosed on August 2, 2022 that there will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.