As expected, Torm is now being delisted from the NASDAQ Capital Market in New York. The delisting is happening according to plan as the company announced it would cancel its ADR program, and Torm’s shareholders approved the procedure in April of this year.
“The Board of Directors has determined that terminating the Deposit Agreement and the Company’s ADR program, delisting the Company’s securities from the NASDAQ Capital Market in the United States and deregistering the Company’s securities under the Securities Exchange Act, is in the interest of the Company due to the limited size of the ADR program, the costs involved with a listing on NASDAQ Capital Market in the United States and the reporting and filing obligations under the U.S. Securities Exchange Act,” writes Torm in the announcement.
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