Emergent Capital Inc (NYSE:EMG) recently announced that they believe it is in the company’s best interest to voluntarily delist itself from the NYSE exchange. Allegedly, this decision comes in favor of the company believing that it will have more success in the trading of said shares on the OTC Marketplace.
This follows the discovery from Emergent Capital, which pertains to the company being incapable of meeting all the requirements, to trade on the NYSE exchange. From the statement, which the company released it can be demised, that this change is believed to best the best solution for both the company, as well as it’s shareholders.
Further details about Emergent Shares dissolution from the NYSE
The company also disclosed that they would be filing the appropriate forms for the dissolution from NYSE on February 2. Following the timeline of the statement, it is believed that Emergent Shares will be segregated from NYSE by February 12.
This, in turn, has led the company to state that they would be trading on the OTC Marketplace, by as early as February 3. However, they also noted that if the company was taken off the NYSE earlier, due to non-compliance with regards to requirements of the NYSE, they may begin trading on the OTC Marketplace earlier than anticipated.
The liabilities of Emergent Shares following the dissolution from NYSE
Despite the fact that Emergent Shares will no longer be listed on the NYSE, it has been explicitly explained, to those dealing with the matter, that the company will remain liable to the public reporting requirements.
These requirements were originally set out by the Securities And Exchange Commission, which is the same entity, to which Emergent Shares will be filing its Form 25. This form is the relevant form for the companies delisting from the NYSE.