Spanish Telecom Network Operator Announces Delisting from New York Stock Exchange

Wedoany.com Report-Dec.22, The Spanish telecom network operating company announced plans to voluntarily delist its American Depositary Shares from the New York Stock Exchange. This decision was made following a strategic assessment of operational costs and management requirements.

According to the arrangement, holders of American Depositary Shares can choose to convert them into ordinary shares traded on the Spanish Stock Exchange. The company will also adjust its American Depositary Receipt program to allow holders to trade over-the-counter in the United States. The delisting plan for the telecom network operator and its subsidiaries from the NYSE also involves a series of preferred notes, which are expected to subsequently list on the Euronext Dublin exchange.

The company stated that its ordinary shares will continue to be listed on the local Spanish exchange. The purpose of this move is to simplify the operational structure and maintain transparency, and it is not expected to affect customers, partners, or its business operations in the United States. Upon completion of the relevant procedures, the telecom network operator will terminate its reporting obligations under U.S. law.