AAC is the second local company to be delisted from a major exchange of late. Earlier this month, Nasdaq officials said they had finalized the removal of skilled nursing operator Diversicare Healthcare Services from their platform after the company (Ticker: DVCR) fell short of the exchange’s $35 million market capitalization hurdle for an extended period of time.
New York Stock Exchange officials have started the process of removing shares of AAC Holdings from their platform, a move that comes less than five years after the Brentwood-based addiction treatment services provider sported a market value of more than $1 billion.
AAC shares were first sold to the public in October 2014 at $15 apiece and within a year topped $40 as the company acquired several facilities in a bid to become a national adduction treatment play. But word of a California indictment of active and former employees related to the 2010 death of a patient derailed progress and plagued the stock — as did inconsistent results, high leverage and executive turnover in subsequent years. This spring, Chairman and CEO Michael Cartwright outlined a new vision for growth featuring a more consumer-oriented business built on diagnostic and genetic testing but investors didn’t bite. As AAC’s market capitalization slipped below $15 million, NYSE officials moved to delist the stock (Ticker: AAC), which closed Friday trading at just 48 cents.
On Monday, a company spokeswoman said Cartwright and his team plan for AAC to remain publicly traded and said they will soon move their listing to an over-the-counter market. The company plans to report third-quarter results Nov. 7.