8-K: UWM Holdings Warrants Face NYSE Delisting

UWM Holdings Corporation's warrants will be delisted from the New York Stock Exchange due to abnormally low selling prices.

Summary

• UWM Holdings Corporation received notice from the New York Stock Exchange (NYSE) on December 19, 2025, regarding the delisting of its warrants (UWMC.WS).
• The NYSE immediately suspended trading in the warrants due to abnormally low selling price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.
• Each warrant is exercisable for one share of the Company's Class A common stock at an exercise price of $11.50 and is set to expire on January 21, 2026.
• The Company does not intend to appeal the NYSE's determination.
• Trading in the Company's Class A common stock (UWMC) on the NYSE is unaffected by this action and will continue, subject to ongoing compliance with listing requirements.

Sentiment

Score: 2

Explanation: The immediate suspension and impending delisting of warrants due to abnormally low selling prices is a significant negative event for warrant holders and reflects poorly on the specific security. The company's decision not to appeal reinforces the negative outlook for the warrants, despite the common stock being unaffected.

Positives

• Trading in the Company's Class A common stock (UWMC) continues on the NYSE and is unaffected by this action.

Negatives

• The Company's warrants (UWMC.WS) have been immediately suspended from trading on the NYSE.
• The NYSE has commenced proceedings to delist the warrants.
• The delisting is due to abnormally low selling price levels, indicating a significant loss of value for warrant holders.
• The Company does not intend to appeal the delisting decision, confirming the negative outcome for the warrants.
• Warrants are set to expire on January 21, 2026, with an exercise price of $11.50, making them likely out-of-the-money given the low selling price.

Risks

• Warrant holders face the risk of their warrants becoming worthless due to the abnormally low selling price and impending expiration on January 21, 2026, with an exercise price of $11.50.
• The delisting of a company's security, even warrants, could negatively impact broader investor perception of the company, despite the common stock being unaffected.

Future Outlook

The Company does not intend to appeal the NYSE's determination to delist the warrants. The NYSE will apply to the Securities and Exchange Commission to delist the Warrants upon completion of all applicable procedures.

Management Comments

• Rami Hasani, Executive Vice President, Chief Financial Officer, signed the report on behalf of UWM Holdings Corporation.

Industry Context

The delisting of a company's securities, even warrants, can signal underlying issues or a lack of investor interest in that specific security. While the common stock remains listed, such an event can affect broader market perception of the company's financial health or future prospects within the mortgage industry.

Stakeholder Impact

• Warrant Holders: Will be significantly negatively impacted as their warrants are suspended from trading and will be delisted, likely becoming worthless given the low price and impending expiration.
• Shareholders (Class A Common Stock): While the common stock is explicitly stated as unaffected, the delisting of another company security could lead to negative sentiment or increased scrutiny from investors.

Next Steps

• The NYSE will apply to the Securities and Exchange Commission to delist the Warrants upon completion of all applicable procedures.

Key Dates

Recommendation

The warrants are being delisted due to abnormally low selling prices and are set to expire soon with an exercise price significantly above their current value. The immediate suspension of trading and the company's decision not to appeal make these warrants effectively worthless, warranting a 'sell' recommendation for any remaining holders to minimize potential further losses or to acknowledge their lack of value.

Keywords

UWM Holdings, UWMC, UWMCWS, NYSE, Delisting, Warrants, Suspension, SEC Filing, 8-K