Integrated Micro-Electronics Inc. of the Ayala Group said Thursday its German subsidiary VIA optronics AG plans to voluntarily delist its American Depository Shares (ADSs) from the New York Stock Exchange (NYSE) to reduce cost.
VIA optronics, founded in 2005 and headquartered in Nuremberg, Germany, is a leading provider of enhanced display solutions for multiple end markets.
IMI said in a stock exchange filing VIA notified the NYSE on April 9, 2024 of its intent to voluntarily delist its ADSs from the stock exchange based on the decision made by the company’s supervisory board.
It 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,” IMI said.
IMI said VIA’s delisting would allow the company to allocate resources more efficiently to execute its business strategy by enabling its management and employees to focus more on managing its businesses and strengthening relationships with customers and business partners.
VIA expects the delisting of its ADSs to become effective 10 days after the filing of the Form 25. The last day of trading of the ADSs on the NYSE will be on April 29, 2024.
VIA previously disclosed that it received a notice from the NYSE that it is not in compliance with the continued listing standards of the stock exchange.
VIA has production sites in Germany, China and Japan, as well as a research and development site in the Philippines.
IMI is the manufacturing arm of AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp. It is among the leading global technology and manufacturing solutions experts in the world.
IMI provides engineering, manufacturing and support and fulfillment capabilities to diverse industries globally through its 18 manufacturing plants across 10 countries.