South African BEE platinum miner Atlatsa Resources plans to voluntarily withdraw its common shares from listing on the small cap NYSE MKT on 20 July, and expects the delisting to be effective in August.
The voluntary delisting is part of Atlatsa’s on-going cost containment measures and is intended to simplify the administrative requirements of the company, and to reduce listing fees and legal and administrative costs associated with the listing of the common shares on three separate stock exchanges.
In addition, Atlatsa considered the fact that the NYSE MKT listing rules with respect to the maintenance of a minimum share price could require the company to undertake certain corporate or other actions primarily to meet such requirements, which may not be in the best interest of the company or its shareholders.
Therefore, the board of directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE MKT outweigh the benefits to Atlatsa at this time.
Atlatsa’s common shares will continue to be listed on the TSX and the JSE.