Credit Suisse's takeover by UBS has impacted Credit Suisse's shares on the New York Stock Exchange.
Credit Suisse's American Depositary Shares (ADS) no longer meet the New York Stock Exchange's (NYSE) minimum listing price criteria, it said in a statement Wednesday.
According to its compliance rules, the average closing price of a security over a period of 30 consecutive trading days must be at least $1.
However, UBS's March takeover offer valued Credit Suisse shares at 78 centimes. Under the terms of the agreement, Credit Suisse shareholders will receive one UBS share for 22.48 shares.
Solution in Sight
Credit Suisse has six months to regain compliance with the NYSE’s continued listing minimum price criteria, the statement said, adding that Credit Suisse expects the problem to solve itself once the takeover goes through.
In connection with the acquisition, Credit Suisse’s ordinary shares underlying its American Depositary Shares will be exchanged for the right to receive a fraction of a UBS ordinary share and will be delisted from the NYSE.
