Panasonic Announces Delisting from New York Stock Exchange
Panasonic Corporation (NYSE:PC) (TOKYO:6752) announced its delisting schedule from the New York Stock Exchange. The company has American Depository Shares (“ADS”) listed, which the company first listed in December 1971.
The company’s shares are also listed and mainly traded on the Tokyo Stock Exchange, Osaka Securities Exchange and Nagoya Stock exchange.
The company said that the listing of its ADS was originally done to promote trading of its shares and to raise the visibility of the Panasonic brand in the US.
However, “While Panasonic believes the initial objectives of the U.S. ADS listing were mainly achieved, it judges that the continued listing on the NYSE is not economically justified, taking into account the fact that the trading volume of Panasonic’s ADSs on the NYSE accounts for only a small fraction of the total trading volume of Panasonic’s shares. Therefore, Panasonic has decided to apply for voluntary delisting of its ADSs from the NYSE and for termination of registration of its ADSs with SEC under the Exchange Act.”
The company will continue to prepare English consolidated financial statements in accordance with U.S. GAAP, as well as English press releases, etc, and will continue to offer its shares “over-the-counter” (OTC).
American Depository Shares are a US Dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange.