NYSE announced on December 19 that it would begin delisting proceedings for UWM Holdings Corporation’s warrants (ticker UWMC WS). The warrants, exercisable at $11.50 per share and expiring January 21, 2026, have traded at a fraction of a cent, with a December 18 high of $0.0098 and low of $0.0075, prompting the exchange to cite “abnormally low selling price” under Section 802.01D.
Trading in the warrants will be suspended immediately, while UWM’s common stock (UWMC) will remain listed. The company may challenge the decision through its Committee of the Board of Directors, and the NYSE will seek SEC approval to finalize the delisting.
The delisting removes a publicly traded derivative that had been largely illiquid; investors holding the warrants will lose a tradable instrument, potentially tightening liquidity for the underlying equity. The move reflects the NYSE’s enforcement of listing standards and signals that the warrant’s market value no longer justifies continued listing.
The announcement comes amid a broader strategic context. UWM recently disclosed a definitive agreement to acquire Two Harbors Investment Corp. for $1.3 billion in an all‑stock transaction expected to close in Q2 2026. The acquisition is a far larger development than the warrant delisting and is likely to dominate market attention.
Market reaction to the delisting was mixed. Analysts raised price targets for UWM’s common stock, citing the strategic acquisition, while the delisting and a shareholder‑lawyer probe into the Two Harbors deal introduced headwinds. Investors focused on the warrant’s near‑zero value and the regulatory scrutiny, balancing optimism about the merger against concerns over governance and valuation.
The delisting may affect perceptions of UWM’s capital structure, but it is unlikely to materially alter the company’s financial outlook. The focus remains on executing the Two Harbors acquisition and maintaining core banking operations.
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