After becoming very popular with retail investors on social media, Revlon (NYSE:REV) stock will be delisted soon. The cosmetics company declared bankruptcy in June, citing its huge debt and supply-chain issues. Revlon indicated in June that $575 million of new loans would enable it to remain in business indefinitely.
REV stock also briefly enjoyed a stint as a meme and short squeeze play.
However, the New York Stock Exchange announced late yesterday that it would not allow REV stock to continue to trade on its exchange, and Revlon reported that it expects its shares to be removed from the exchange “in the near future.” Moreover, it noted that the NYSE had “suspended trading” in REV stock.
After the delisting, the shares are expected to trade on an over-the-counter exchange, Revlon reported. But the common stocks of bankrupt companies usually become worthless.
Two Other Stocks Held by the Majority Owner of Revlon
Billionaire Ronald Perelman owns an 85% stake in Revlon. Some investors may be interested in knowing that Perlman’s investment company —MacAndrews & Forbes — owns shares of two other publicly traded firms.
As of June, MacAndrews & Forbes had a 60% stake in biotech firm vTv Therapeutics (NASDAQ:VTVT). The company’s treatment for Type 1 diabetes has received fast-track designation from the Food and Drug Administration (FDA), and it is scheduled to start Phase 3 trials of the drug during the current quarter.
Perelman’s company has a 33% stake in SIGA Technologies (NASDAQ:SIGA), Yahoo Finance reported last month. SIGA owns the rights to tecovirimat, a smallpox treatment that the FDA approved four years ago. The U.S. government has spent over $1.1 billion on the drug, according to MacAndrews & Forbes.
On the date of publication, Larry Ramer owned shares of VTVT stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.