The nation’s only publicly traded addiction treatment company has been delisted by the New York Stock Exchange. The NYSE suspended trading on American Addiction Centers (AAC) after the market closed on October 25, according to a statement from the company.
The exchange acted “because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.”
American Addiction Centers is the parent company of Desert Hope, a medical detox facility in Las Vegas. The company purchased Las Vegas-based Solutions Recovery for $13 million in 2015.
Last year AAC began closing its Solutions Recovery branded facilities and sober homes in Southern Nevada as its stock price tumbled from a high of $46.60 in July 2015 to less than a dollar per share.
AAC faces a number of wrongful death lawsuits involving its Las Vegas facilities.
The Nashville Business Journal reports shares of the company are expected to move to an over-the-counter market.
A company spokeswoman did not respond to requests for comment.