NEW YORK, September 11, 2012 - The New York Stock Exchange ("NYSE") announced today that the staff of NYSE Regulation, Inc. ("NYSE Regulation") has determined to commence proceedings to delist the common stock of Digital Domain Media Group, Inc. (the "Company") --ticker symbol DDMG -- from the NYSE. Trading in the Company's common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing. Pursuant to Listed Company Manual Section 802.01D, this decision was reached in view of the Company's September 11, 2012 announcement that it filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in Wilmington and is also seeking ancillary relief in Canada, pursuant to the Companies' Creditors Arrangement Act in the Supreme Court of British Columbia, Vancouver Registry. NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the Company's common stockholders.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
Jennifer E. Mercer
Van Meter Consultants for Digital Domain
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting