Within weeks of the SEC’s decision to ease the delisting requirements of foreign companies with illiquid US stock listings, a number of large European companies packed their bags – including Adecco, the world’s largest temporary employment agency, and SGL Group, one of the largest carbon fibre and graphite manufacturers.
According to senior investment bankers, more are likely to follow.
The new SEC rule will allow any foreign company to deregister if it can show that the average daily US trading volume in its shares has been no greater than 5% of its global trading volume over the past 12 months.
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