Trinseo PLC (NYSE: TSE) received a formal notice from the New York Stock Exchange on December 15, 2025, indicating the company had fallen below the exchange’s Section 802.01B market‑capitalization threshold of $50 million and the Section 802.01C share‑price threshold of $1.00 per share. The notice was made public on the same day and does not immediately alter Trinseo’s listing status or its obligations to the Securities and Exchange Commission.
Under NYSE rules, Trinseo must submit a plan within 10 days to address the share‑price shortfall and within 45 days to address the market‑capitalization shortfall. If the exchange approves the plan, the company’s shares will remain listed for an 18‑month cure period, during which the NYSE will conduct quarterly compliance checks. Failure to meet these deadlines could trigger suspension or delisting of Trinseo’s ordinary shares.
Trinseo’s financial performance in the most recent quarter underscores the urgency of the compliance issue. In Q3 2025 the company reported a net loss of $110 million and an adjusted earnings‑per‑share loss of $2.41, a decline of 14 % in revenue to $743 million compared with $867 million a year earlier. Margin compression was evident across the business: Engineered Materials net sales fell 7 % but Adjusted EBITDA remained flat, while Polymer Solutions net sales dropped 18 % and Adjusted EBITDA fell sharply. The combined effect left the company’s 30‑day average market capitalization below the NYSE minimum and its share price below $1 for 30 consecutive trading days.
Management has outlined a multi‑pronged plan to regain compliance. The plan includes restructuring initiatives aimed at improving free cash flow, inventory management efficiencies, and the repurposing of certain assets—such as converting a virgin MMA production facility in Italy to recycled PMMA production and closing a polystyrene asset in Germany—to reduce operating costs. The company also highlighted a focus on high‑margin segments and a disciplined approach to capital allocation to restore investor confidence.
Liquidity remains a concern. At the end of Q3 2025 Trinseo held $114 million in cash and total liquidity of $346 million. Despite these resources, the company was downgraded by S&P Global Ratings to ‘CCC’, reflecting unsustainable credit metrics. Investor sentiment has turned negative, with market participants citing margin compression, liquidity constraints, and the regulatory notice as key risks to the company’s future prospects.
The NYSE notice signals a significant financial distress that could affect Trinseo’s ability to raise capital and maintain market confidence. The company’s plan to address the share‑price and market‑capitalization deficiencies, coupled with ongoing restructuring efforts, will be closely monitored by regulators and investors alike. Failure to meet the cure deadlines could lead to suspension or delisting, further eroding the company’s ability to operate and grow in a highly competitive specialty‑chemical market.
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