Integrated Micro-Electronics Inc. is delisting its Germany unit VIA optronics AG in the New York Stock Exchange (NYSE).
Via Optronics has American depositary shares (ADS) trading in the US stock exchange.
“VIA notified the NYSE on April 9, 2024 of its intent to voluntarily delist its ADSs from the NYSE, pursuant to a resolution adopted by its Supervisory Board. VIA has also notified The Bank of New York Mellon (which acts as depositary under the ADS program) of the termination of the ADS program,” IMI said in a statement.
“VIA believes delisting and de-registration of the ADSs from the US public markets will be more economical for the company, taking into account the low liquidity of its ADSs and the high costs of maintaining the NYSE listing and US SEC registration on an annual basis,” it added.
IMI said with the delisting and de-registration, and consequently the suspension of its US SEC reporting obligations, it will allow IMI to allocate resources more efficiently to execute its current business strategy by enabling its management and employees to focus more on managing its businesses and strengthening relationships with customers and business partners.
“VIA currently anticipates that it will file with the US SEC a Form 25 relating to the delisting and de-registration of its ADSs on or around April 19, 2024. Unless the Form 25 is earlier withdrawn by VIA, the delisting of the ADSs will be effective 10 days after the filing of the Form 25,” IMI said.
IMI said VIA will have its last trading in the NYSE by April 29.
VIA had previously disclosed that it received notice from the NYSE that it is not currently in compliance with the continued listing standards of the NYSE.
