Financially ailing, German MOCVD equipment maker, Aixtron reported that it plans to voluntarily delist its American Depositary Shares (ADSs) from The NASDAQ Global Select Market. The company also said that it intends to deregister and terminate its reporting obligations under the Securities Exchange Act of 1934, as amended. Aixtron says that NASDAQ trading accounted for under 5% of the trading volume of the company’s ordinary shares worldwide.
The company says that NASDAQ trading accounted for under 5% of the trading volume of the company’s ordinary shares worldwide. Trading on the Frankfurt Stock Exchange accounted for nearly all of the remainder of the trading worldwide. Aixtron said that the comparatively low trading volumes on NASDAQ, and the complexity, costs, and efforts associated with maintaining a dual listing, outweigh the benefits of continuing to list and register the company in the United States.
On or about December 30, 2016, Aixtron plans to file the Form 25, with the SEC to effect the delisting. The company anticipates that the last day of trading of the ADSs on NASDAQ will be on or about December 30, 2016.
Aixtron’s Ordinary Shares will continue to trade on all German Stock Exchanges, including the Frankfurt Stock Exchange under the stock symbol “AIXA”. Aixtron expects that the delisting of its ADSs and deregistration will have no other impact on the listing of its Ordinary Shares on the Frankfurt Stock Exchange.
The Company also intends to deregister and terminate its reporting obligations under the Exchange Act through the filing of Form 15F with the SEC to end its SEC reporting obligations.
Aixtron plans to continue providing its stockholders with audited annual financial statements, quarterly financial information, corporate news, and other information in German and English. Also, the company will make such information publicly available on its website at www.aixtron.com.
Public disclosures such as press releases and presentations on its website will continue to provide additional material information regarding its business and operations, Aixtron says it will continue to hold shareholder meetings that the law requires.