NYSE moves to delist Getty Images after shares sink to 12 cents

The New York Stock Exchange suspended trading in Getty Images on 29 September and started delisting the stock. In its notice, NYSE Regulation cited an “abnormally low” share price under section 802.01D of its rules. The shares had closed at 12 cents the day before.

Getty Images can still appeal to an NYSE board committee

The company has the right to ask a committee of the exchange’s board to review the decision. Only after that would the exchange apply to the SEC to remove the listing. The notice does not say where the stock could trade instead. NYSE first warned Getty in March that its shares were below the $1 minimum.

The failed Shutterstock deal left $103.6 million in costs

Getty dropped its planned merger with Shutterstock on 7 July. UK regulators wanted Shutterstock’s editorial business sold, and Getty’s board refused. PPC Land, drawing on company filings, puts the deal’s costs at about $103.6 million.

The filings show Getty held $51.6 million in cash at the end of June against more than $1.4 billion of debt. Second-quarter revenue fell 2.5% to $229.1 million. Operating income of $32.4 million did not cover roughly $57.3 million of quarterly interest. In August the company warned of “substantial doubt” about its future as a going concern.

AI answers cut traffic to iStock

Creative revenue fell 2.6%. PPC Land also notes that referral traffic to iStock dropped as search engines moved to AI answers. That matches wider data showing AI Overviews halving clicks on Google’s top result, while publishers paid for AI use often receive under $1,000.

The next deadline is close. Getty used 30-day grace periods on interest for two unsecured note issues on 31 August, and those run out around 1 October. If it does not pay, a Chapter 11 filing, which PPC Land says is under discussion with lenders, becomes the likely next step.