Narayan AmmachchiThe New York Stock Exchange (NYSE) initiated a process to delist the shares of Atento after the BPO’s average market capitalization fell below US$15 million over a 30-day period.
Atento stated it will not appeal the decision, focusing instead on restructuring its finances by the end of 2023. The company’s ordinary shares stopped trading as of July 21.
The BPO provider, whose contact centers are scattered across Latin America, has been financially suffering in recent years, with diminishing income and a rising debt load.
Its stock price dropped to historical lows as investors lost faith in its capacity to repay the debt in the face of increased competition from AI-based solutions, which are frequently less expensive than traditional contact center services.
The delisting will not have a significant impact on the company’s business operations, as its call centers can continue business as usual.
However, the delisting will make it more difficult for Atento to raise capital in the future.
Atento is screwed!