The operator group Orange plans to voluntarily delist its shares from the New York Stock Exchange (NYSE) and deregister with the US Securities and Exchange Commission (SEC). The process will commence in the final quarter of 2024.
The company said its board of directors finalized the decision, blaming administrative and financial burdens of maintaining its listing and registration as behind the move. Orange stated the process will not impact its partners, clients, and presence in the US, adding it remains fully committed to an open and frequent dialogue with investors in the market.
The operator group intends to maintain its American Depositary Receipt (ADR) program, which will allow investors to retain their shares and enable Over-The-Counter (OTC) trading. Orange bookmarked Q4 to file its Form 25 application to notify its removal from NYSE listing and registration with the SEC. Its American Depositary Shares will no longer be traded on Wall Street ten days after the filing. It will also de-register two sets of debt securities issued by the NYSE.
“This decision is in line with the Group’s aim to improve internal simplification and efficiency while maintaining the highest standards of corporate governance and transparent financial reporting,” Orange wrote. The company said it will continue publishing its financial reports in line with the International Financial Reporting Standards (IFRS). Orange’s shares will remain listed on Euronext Paris, where most of its domestic and global investors currently trade its shares.
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