IMI’s Subsidiary, VIA optronics AG, Announces Intention to Voluntarily Delist its ADSs from the New York Stock Exchange
April 11, 2024 | IMIEstimated reading time: 2 minutes
Integrated Micro-Electronics, Inc.’s subsidiary, VIA optronics AG (VIA), a leading supplier of interactive display solutions, announced on April 9, 2024 its intention to voluntarily delist its American Depository Shares (ADSs) from the New York Stock Exchange (NYSE), terminate its registration with the U.S. Securities and Exchange Commission (US SEC), and terminate its ADS program.
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.
VIA believes that delisting and deregistration of the ADSs from the U.S. 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. VIA further believes that delisting and deregistration, and consequently the suspension of its US SEC reporting obligations, will allow the company 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 deregistration 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 Unless the Form 25 is earlier withdrawn by VIA, the delisting of the ADSs will be effective 10 days after the filing of the Form 25. Accordingly, VIA anticipates that the last day of trading of the ADSs on the NYSE will be on or about April 29, 2024.
Following the delisting of its ADSs from NYSE and after VIAhas made all necessary US SEC filings and is otherwise able to do so, VIA plans to file with the US SEC a Form 15 to deregister its ADSs, and suspend its reporting obligations, under the U.S. Securities Exchange Act of 1934, as amended. The process for delisting from the NYSE, suspending US SEC reporting obligations and terminating the ADS program is expected to take time, require filings and notifications, and compliance with certain requirements. As such, VIA cannot provide assurances yet as to whether or when these actions will be consummated.
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.
Suggested Items
Deutsche Aircraft Selects Honeywell to Provide High Frequency Radio System for the D328eco
11/21/2024 | HoneywellHoneywell has been selected by Deutsche Aircraft, a German aircraft manufacturer, to supply its Primus HF-1050 high-frequency (HF) radio system for the recently debuted 40-seater D328eco turboprop.
Sat Nusapersada Chooses Siemens' Process Preparation Software to Boost NPI and SMT Line Efficiency
11/21/2024 | Siemens Digital Industries SoftwareSiemens Digital Industries Software announced that Sat Nusapersada, one of the largest Electronics Manufacturing Services (EMS) providers in Indonesia, has adopted its Process Preparation software to reduce its timescale for New Product Introduction (NPI) of printed circuit board assemblies and improve the efficiency of its Surface Mount Technology production lines by 23 percent.
Romania Becomes the 20th Member of the F-35 Global Alliance
11/21/2024 | Lockheed MartinThe Government of Romania confirmed today its intent to procure 32 Lockheed Martin 5th Generation F-35 Lightning II aircraft by signing a Letter of Offer and Acceptance (LOA) through a U.S. government Foreign Military Sale.
ViTrox Americas Expands Reach in Southern U.S. with MaRCTex
11/21/2024 | ViTroxViTrox Americas Inc. is pleased to announce the appointment of MaRCTex Inc. as its new representative for the states of Texas, Louisiana, Oklahoma and Arkansas. Led by industry veteran Mike Gunderson, MaRCTex has a proven track record of supplying essential tools and solutions for the electronics manufacturing and high-tech industry across the United States. Additionally, demos are available at the ViTrox Americas Demo Center in Hutto, Texas.
PI's New Expansion for Higher Electronics Manufacturing Capacities and Shorter Lead Times
11/20/2024 | PRNewswirePI, the market and technology leader for high-precision motion control, positioning technology, and piezo applications, has completed the construction of additional electronics production space at its Rosenheim, Germany site.