Enviva, a leading producer of processed biomass fuel, is set to be delisted from the New York Stock Exchange (NYSE) by October 22.
This marks a significant decline for the company, which once boasted a market valuation of nearly $6 billion in 2022.
The delisting comes as Enviva navigates through bankruptcy proceedings, a result of failed bets on pellet prices. The company's initial restructuring plan offered shareholders a 5% equity stake, but the latest plan leaves them with no recovery. Enviva is now transitioning into a private company.
A court hearing scheduled for November 13 will determine the final steps in the bankruptcy process. As Enviva's stock moves to the OTC market, investors face uncertainty regarding future trading activity and liquidity.