NYSE announced on November 28 that it would commence delisting proceedings for Ardagh Metal Packaging S.A.’s warrants (AMBP.WS). The warrants, each giving the holder the right to purchase one ordinary share at $11.50, were halted on November 25 and will be suspended immediately. Ordinary shares (AMBP) remain listed and trading is unaffected.
The delisting decision stems from the warrants’ “abnormally low selling price,” a violation of Section 802.01D of the NYSE Listed Company Manual. The warrants, issued as part of the Gores Holdings V SPAC merger, were automatically converted into AMBP warrants and are exercisable until August 4, 2026. Because the current market price is far below the exercise price, the warrants are effectively out of the money and have attracted little trading volume.
Ardagh Metal Packaging has stated it does not intend to appeal the NYSE’s determination. The company’s ordinary shares, which traded at $3.74 on November 27, are unaffected, but the delisting removes a primary exchange venue for the warrants, tightening liquidity and potentially widening bid‑ask spreads for holders who wish to exit their positions.
The move signals broader concerns about the warrants’ market viability. While the ordinary shares continue to trade, the loss of a NYSE listing may dampen investor sentiment toward the company’s equity and could influence future capital‑raising plans if a significant number of warrants were expected to be exercised. The company’s Q3 2025 earnings, which beat expectations with an EPS of $0.08 on revenue of $1.43 billion, suggest that the core business remains healthy, but the delisting underscores the limited value of the warrant instrument in the current market environment.
Investors who hold AMBP.WS should monitor secondary market activity and consider the reduced liquidity when evaluating their positions. The NYSE will keep the warrants suspended until the appeal process, if any, is resolved, but the company’s statement of no appeal indicates the delisting is likely to be final.
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