Danimer Scientific (DNMR) is set to be delisted by the New York Stock Exchange for failing to meet the requirement that listed companies maintain an average global market capitalization of at least $15 million, the exchange said late Monday.

Trading in the company's class A stock has been suspended as delisting proceedings commence, the NYSE said.

"The company has a right to a review of this determination by a committee of the board of directors of the exchange," the NYSE said.