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Saturday, November 26, 2022

Revlon, Inc.  (OTCMKTS: REVRQ) Q Stock Hits the Pinks With a Bang

Revlon, Inc.  (OTCMKTS: REVRQ) is making a big move up the charts since hitting the pink sheets after being delisted by the New York Stock Exchange on Friday. Shortly after hitting the pinks REVRQ hit a low of $1.08 but has been moving steadily northbound sine than closing at $1.72 on Tuesday.  

The cosmetic company has struggled for a number of years as influencer brands, such as Kylie Cosmetics and Fenty Beauty, took over the industry. The slowdown in demand during the lockdown era finally pushed it over the edge. While risky Q stocks on the pinks have a long history of making spectacular runs once trading on the pinks and so far, REVRQ has been no exception.  

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Revlon, Inc.  (OTCMKTS: REVRQ) conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, “MacAndrews & Forbes”), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon’s and Products Corporation’s Board of Directors. 

The Company was founded over 90 years ago by Charles Revson, who revolutionized the cosmetics industry by introducing nail enamels matched to lipsticks in fashion colors. Today, the Company continues Revson’s legacy by producing and marketing innovative products that address consumers’ wants and needs for beauty and personal care products. 

The Company is a leading global beauty company with an iconic portfolio of brands. The Company develops, manufactures, markets, distributes and sells worldwide an extensive array of beauty and personal care products, including color cosmetics, hair color, hair care and hair treatments, fragrances, skin care, beauty tools, men’s grooming products, anti-perspirant deodorants and other beauty care products across a variety of distribution channels. The Company is entrepreneurial, agile and boldly creative, with a passion for beauty. The Company has a diverse portfolio of iconic brands that it continues to evolve and transform, with the goal of inspiring and attracting consumers around the world wherever and however they shop for beauty. The Company is committed to operating as an ethical business and driving sustainable and responsible growth. 

https://twitter.com/ChaseMacTrades/status/1583234025027616768

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On October 20 The New York Stock Exchange announced that the staff of NYSE Regulation has determined to suspend trading in the Class A Common Stock of Revlon, Inc. ticker symbol REV — from the NYSE. Trading in the Company’s Class A Common Stock was suspended after the market close on the NYSE on October 20, 2022. The staff suspended trading in the Company’s Class A Common Stock because the Committee for Review of the Board of Directors of the Exchange (the “Committee”) had issued a decision in which it upheld the Exchange’s previously announced determination to delist the Company’s Class A Common Stock. 

The NYSE previously announced on June 16, 2022 that it had commenced delisting proceedings with respect to the Company’s Class A Common Stock that same day, after the Company had disclosed its intention to file for protection under Chapter 11 of the Bankruptcy Code. The Company had the right to request a review of this delisting determination by the Committee. Accordingly, the NYSE has suspended trading in the Class A Common Stock and will now file a delisting application with the Securities and Exchange Commission. 

 

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Currently trading at a $74 million market valuation REVRQ has 54,281,651 shares outstanding. This is a highly risky Q stock play that is already up 70% off its lows. While risky Q stocks on the pinks have a long history of making spectacular runs once trading on the pinks. Speculators should trade this one with the outmost caution.   We will be updating on REVRQ on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with REVRQ.

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Disclosure: we hold no position in REVRQ either long or short and we have not been compensated for this article.

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