IMI'S Via optronics AG to delist ADS from NYSE

The Ayala Group's Integrated Micro-electronics, Inc. reported that its subsidiary VIA optronics AG, a leading supplier of interactive display solutions, intends to voluntarily delist its American Depository Shares (ADSS) from the New York Stock Exchange (NYSE).

In a disclosure to the Philippine Stock Exchange IMI said VIA will also terminate its registration with the U.S. Securities and Exchange Commission as well as 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. It 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 “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,” it added.

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Unless the Form 25 is earlier withdrawn by VIA, the delisting of the ADSS will be effective 10 days after the filing of the Form 25.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 VIA has 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,” said IMI. (James A. Loyola)