Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
On July 7, 2021, Medley Management Inc. ("MDLY") received notification from the
staff of NYSE Regulation, Inc. ("NYSE Regulation") that it has determined to
commence proceedings to delist MDLY's Class A common stock ("Class A common
stock"). NYSE Regulation determined that MDLY was no longer suitable for listing
pursuant to Listed Company Manual Section 802.01D in light of the uncertainty as
to the ultimate effect of Medley LLC's bankruptcy reorganization process on the
value of the Class A common stock. Specifically, NYSE Regulation noted that,
pursuant to the Chapter 11 Plan of Reorganization and Wind-Down filed by Medley
LLC on July 6, 2021, MDLY, as the majority member of Medley LLC, will receive no
recovery on its majority ownership interest in Medley LLC and it is unclear
what, if any, recovery will apply to Medley LLC's securities. NYSE Regulation
also noted the provision of Listed Company Manual Section 802.01D that applies
when an issuer has sold or otherwise disposed of its principal operating assets
or has ceased to be an operating company or has discontinued a substantial
portion of its operations or business.
Under the NYSE delisting procedures, MDLY has a right to request a review of
this determination by a Committee of the Board of Directors of the New York
Stock Exchange, provided a written request for such review is filed by July 21,
2021, ten business days after receiving the delisting notice. MDLY is continuing
to evaluate whether to appeal the NYSE Regulation determination.
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