Canon to Voluntarily Delist from NYSE
Canon notified New York Stock Exchange (the “NYSE”) of its decision to delist its American Depositary Receipts (the “ADRs”) on Feb.13, 2023.
To enhance its name recognition, brand image, and stock distribution, Canon listed its ADRs on the NYSE in September 2000, complying with disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Since then, the OEM has prepared consolidated financial statements in accordance with U.S. generally accepted accounting principles, established internal controls required by the Sarbanes-Oxley Act, and has actively disclosed information to shareholders and investors.
Over this same period, the securities market has witnessed significant changes, including a significant increase in the amount of trading on Japanese stock markets by overseas investors, due to the globalization of the Japanese market. In addition to this, amendments to Japanese laws, regulations, and accounting standards,
helped resolve regulatory differences between Japan and the United States.
Due to the aforementioned changes and other factors, the volume of trading in Canon’s ADRs on the NYSE has been declining. Considering that it has largely achieved the objectives stated at the time of listing, Canon passed a resolution to apply for voluntary delisting of its ADRs from the NYSE and for termination of registration of its ADRs with the SEC.
Canon claims that it will file Form 25 with the SEC for delisting from the NYSE on Feb.24, 2023. The delisting will become effective on March 6, 2023.
The OEM also claims that it will maintain its listings on the Tokyo Stock Exchange, the Nagoya Stock Exchange, the Fukuoka Stock Exchange, and the Sapporo Stock Exchange.
- Canon Reports 1308 Takedowns on Amazon in Q4
- Canon Requests More Toner Cartridge Removal
- Canon Updates Removal Results from Amazon
- Canon Counts Q2 Listings Removals from Amazon
- Canon Counts Amazon Removals in Q1
Please leave your comments below for the story “Canon to Voluntarily Delist from NYSE.”