Pennsylvania Real Estate Investment Trust, the owner of the Springfield Mall, Plymouth Meeting Mall, and Willow Grove Park Mall, is being booted off the New York Stock Exchange as PREIT shares trade at $2.40 a share, writes Rich Bockmann for The Real Deal.

On Thursday, the exchange announced it would suspend trading of the PREIT shares immediately and begin the process of delisting its stock. The move follows the struggling mall operator’s failure to maintain a market capitalization of at least $15 million.

A spokesperson said that the mall operator is planning to trade PREIT shares on OTC Markets in the future.

At the time of the announcement, the company’s stock was trading at $2.40 per share, which is significantly lower than its all-time high of $700 a share in 2005.

The firm owns 22 malls that are mostly concentrated in the Mid-Atlantic and considered B-quality properties.

PREIT was struggling in recent years as online shopping and consumer trend changes continued to put pressure on second-rate shopping centers. The firm was working on a strategic plan to better its portfolio when the pandemic forced it to close its malls. The company filed for bankruptcy two years ago, from which it emerged a month later.

Read more about PREIT in The Real Deal.

This video looks at PREIT’s debt management from 13 days ago.