Bowflex stock now trading over counter after being delisted on New York Stock Exchange

After being delisted March 5 by the New York Stock Exchange, Vancouver fitness-equipment manufacturer BowFlex is trading its stock on the over-the-counter market.

The NYSE determined BowFlex was no longer eligible to be listed after the company announced it was filing for bankruptcy, the company said in a statement last week.

BowFlex’s new ticker is BFXXQ. Unlike the major exchanges, over-the-counter markets don’t have listing standards.

The company was already under threat of delisting before filing for bankruptcy.

The exchange notified BowFlex, formerly Nautilus, in September that the company could be delisted because its stock traded at an average share price of less than a dollar for more than 30 days.

Another delisting notification followed in December regarding the company’s total value. Bowflex no longer met the NYSE’s standard for average global market capitalization.

Companies on the New York Stock Exchange must have at least $50 million in market capitalization over a consecutive 30-day period to meet the exchange’s listing standards.

Market capitalization is the value of a publicly traded company, found by multiplying the number of shares by their current value.

Hundreds of companies are delisted from the big stock exchanges each year. Almost 500 companies were delisted in 2023 and nearly 400 were delisted in 2022, according to StockAnalysis.com.

BowFlex, which saw a spike in demand for at-home fitness equipment during the COVID-19 pandemic, struggled in the years following.

In addition to the delisting notifications, BowFlex withstood layoffs and sold its namesake brand, Nautilus, before voluntarily filing for Chapter 11 bankruptcy in early March.

BowFlex was founded in 1986 and began publicly trading on the New York Stock Exchange in May 1999.