Credit Suisse shares are no longer worth listing in New York
Credit Suisse is listed in New York under a “Depositary Shares” program.
Swiss:
The battered shares of crisis-hit Credit Suisse no longer meet the criteria for listing on the New York Stock Exchange, the bank said on Wednesday, adding that its upcoming sale to UBS would solve the problem.
“The New York Stock Exchange notified Credit Suisse on May 1 … that it no longer complies with the NYSE’s minimum continuous listing price criteria,” Credit Suisse said in a statement.
Credit Suisse is listed in New York under a “depository stock” program that allows foreign companies to sell stock in the United States.
According to NYSE rules, stocks must trade at least $1.00 for 30 consecutive days to be eligible for listing.
But the financial firm, whose share price slumped under the pressure of contagion fears from the collapse of three US regional banks, is set to be taken over by historic rival UBS in a bailout organized by Bern.
Since the deal, the share price has hovered around 0.76 Swiss francs ($0.83) – in line with the three billion franc valuation for the acquisition and down about 94% from to March 2021, before Credit Suisse was hit by a series of shocks and scandals.
“Credit Suisse expects the shortfall to be made up once the acquisition by UBS is complete,” meaning its own shares will be exchanged for UBS shares and delisted in New York, according to the statement.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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