2023-05-31 10:41:26
Credit Suisse no longer meets the requirements of the New York Stock Exchange
The bank recently acquired by UBS received a letter indicating that its action was no longer in compliance because its title was worth too little. She has six months to react.
The NYSE indeed requires an average closing price of at least 1 dollar over the last thirty days of trading, but since the end of March, the title Credit Suisse is worth much less.
KEYSTONE
Credit Suisse was informed on May 1 by the New York Stock Exchange that its stock was no longer in compliance with the minimum price requirements, a condition that must be met if a company wants to maintain its listing. The NYSE indeed requires an average closing price of at least 1 dollar over the last thirty days of trading, but since the end of March, the title Credit Suisse is worth much less.
The notification concerns certificates of deposit (American depositary shares, ADS) listed in New York, Credit Suisse said in a statement on Wednesday. Since the announcement of the forced takeover of the bank with two veils by UBS, the share price has fluctuated between 66 and 95 cents.
Compliance
Credit Suisse has six months to comply with the price criteria. The bank expects, however, that the shortfall will be made up with the finalization of the takeover by UBS, the sole surviving entity of the operation.
As part of the acquisition, the common shares of Credit Suisse underlying its ADSs will be exchanged for the right to receive a fractional share of UBS common stock and, accordingly, delisted from the NYSE.
ATS
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