IMI unit to delist from NYSE

MANILA, Philippines — A subsidiary of Ayala-led Integrated Micro-Electronics Inc. (IMI) is preparing to delist its American depository shares (ADS) from the New York Stock Exchange.

In a stock exchange filing, IMI said VIA optronics AG, a supplier of interactive display solutions, intends to voluntarily delist its ADS from the NYSE pursuant to a resolution adopted by its supervisory board.

On top of the delisting, VIA will also terminate its registration with the United States Securities and Exchange Commission (US SEC) as well as its ADS program.

“VIA believes that delisting and deregistration of the ADS from the US public markets will be more economical for the company, taking into account the low liquidity of its ADS and the high costs of maintaining the NYSE listing and US SEC registration on an annual basis,” IMI said.

IMI said the delisting and deregistration, and consequently the suspension of its US SEC reporting obligations, would allow VIA to allocate resources more efficiently to execute its current business strategy.

This will be done by enabling management and employees to focus more on managing its businesses and strengthening relationships with customers and business partners, the company said.

VIA targets to file with the US SEC Form 25 relating to the delisting and deregistration of its ADS on or around April 19.

The company anticipates that the last day of trading of the ADS on the NYSE will be on or about April 29, 2024.

IMI, however, said 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.