The New York Stock Exchange has notified Credit Suisse that does not meet the necessary requirements to be listed on the US stock market, which requires companies to maintain the individual price of their shares at at least one dollar for thirty consecutive trading days.
Despite its purchase by UBS on March 19, Credit Suisse It continues to be listed separately both on the Zurich Stock Exchange and, in an associated way, on Wall Street, through the so-called American Depositary Shares (depository shares) associated with the shares in the Swiss market.
Both the shares in Switzerland and their counterparts on Wall Street have been below the dollar since the purchase by UBS, hovering between 60 and 90 Swiss franc cents (or US cents) per share, roughly.
Credit Suisse, which received this notice on May 1, pointed out today that this “deficiency” in the New York stock market will be settled when the integration process in UBS is completed, which both entities expect to complete in 2023.
“UBS will be the surviving entity, the common shares supporting the depositaries will be exchanged for a fraction of the shares in UBS, and as a result of all this Credit Suisse will cease to be listed on the New York Stock Exchange,” said a statement from the Zurich bank.
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