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'The board of directors of Utusan wishes to announce that the company has not made an appeal against the delisting of Utusan's securities and pursuant thereto the securities will be delisted on Aug 30,' it said in a regulatory filing.
If no viable resumption proposal is received by the end of the third delisting stage (ie 19 December 2019), the Companys listing will be cancelled.
The delisting decision was made by the NYSE staff in relation to a review of the trading of the company's stock during certain periods in 2015 and 2016 when its stock price fell below the NYSE minimum price requirement.
'Companies will delist for different reasons from voluntary to regulatory delisting, mergers and acquisitions and other things that would cause them to delist.
Reportedly, this de-listing of Nordax Group's shares will constitute a 'share delisting event' according to the terms and conditions of the senior unsecured floating rate notes by Nordax Bank.
The delisting has to happen because of the violation, that's our rules.
In Brazil, Bortolon and Silva (2015) conducted a study about delisting considering the period from 2008 to 2012.
The Company expects the delisting to become effective on or about February 16, 2017 following the close of the New York City market.
Citi has been in Japan since 1902, and the delisting from the TSE will not affect the bank's businesses in the country.
In a massive clean-up effort, the stock market regulator, Securities and Exchange Board of India (SEBI), is mulling the delisting of companies that have remained suspended and not traded for seven or more years due to various penal reasons.
The company also offers to buy shares of those hurt by the delisting decision," the statement read.
The company said it is delisting its shares in order to eliminate the administrative and annual fees associated with being listed on NASDAQ, and anticipates that its shares will be quoted on the OTCQX Banks Marketplace following its delisting.