ZURICH – Battered shares in crisis-hit Credit Suisse no longer meet criteria for listing on the New York Stock Exchange, the bank said today, adding that its upcoming sale to UBS would resolve the issue.
“The New York Stock Exchange notified Credit Suisse on May 1... that it is no longer in compliance with the NYSE’s continued listing minimum price criteria,” Credit Suisse said in a statement.
Credit Suisse is listed in New York under a “depositary shares” scheme that allows foreign firms to sell stock in the United States.
Under NYSE rules, shares must trade for at least US$1.00 for 30 consecutive days to qualify for listing.
But the financial firm, whose share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks, is slated to be taken over by historic rival UBS in a rescue organised 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 around 94% compared with March 2021, before Credit Suisse was hit by a string of shocks and scandals.
“Credit Suisse expects that the deficiency will be cured upon completion of the acquisition by UBS,” which will mean its own shares are exchanged for UBS stock and delisted in New York, the statement said. – AFP, May 31, 2023
