The latest regarding NYSE is that it has decided to delist the ITT educational services inc. For those people, who are unaware of ITT educational institutions, you should know that it is a private education provider for post secondary studies. Students join its educational institutions to get a Bachelor’s or associate’s degree in the schools of information technology, electronics technology, business, criminal justice and drafting and design. The ITT has been the world’s largest education provider when it comes to technical studies.
So, why did the NYSE decide to delist the institution? The regulations of the NYSE staff have already started with the delisting process. No one will be able to trade in the common stock of the company which has the ticker symbol – ESI. The trades for the common stock of the ITT educational services, inc has been suspended immediately.
The reason given by NYSE regulation’s board is that the company has reduced its operations to a large extent. And under the section 802.01D, it no longer has to pursue companies that are not performing well. It has been already announced that NYSE has already stopped all operations of ITT. Further quarter September classes of the ITT will not be offered.
The legal process of the delisting of ITT is already underway and the repercussions of this decision is not going to be good for students who have been studying in the institute. After almost 50 years of providing technical courses to students from all over the world, the company has gone down.
Right now, the number of students and alumni who will be effected negatively are around hundreds of thousands. Moreover, the ITT educational company employed 8,000 employees who will also face the brunt of the decision of the delisting. Not only these employees, but their families will also suffer gravely due to unexpected cease of the company. Moreover, the hard work and dedication these employees had put in making the course of the students easier will all go in vain.
The ultimate decision to finally halt the September quarter classes was taken by the institutions after they were exhausted of other alternatives. They did try and transfer their students to other non-profit or public schools, but it was just not happening. The remaining staff of the company will help in ensuring that the future of the numerable students doesn’t go down the drain and will set the records for them as well.
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