Just after the close of markets in the US on Friday, Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, said that it has finally delisted its common shares from the Nasdaq stock market, a move that the company said will reduce costs for regulatory reports and other expenses.
The company has notified NASDAQ of its intention to voluntarily delist and intends to file a Form 25 (Notification of Removal of Listing) with the Securities and Exchange Commission on December 19, 2017. The company expects the last trading day of its shares on NASDAQ will be on December 28, 2017.
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Global Brokerage was unable to cure its noncompliance with Nasdaq's listing rule that required the company's common shares to trade above $1 for 30 consecutive business days before October 30.
The company intends to terminate its reporting Obligations under the U.S. Securities Exchange Act of 1934. As part of this exercise to terminate its U.S. reporting obligations, Global Brokerage will be eligible to do so at the earliest twelve months after the delisting of its ordinary shares from NASDAQ and will occur only if GB meets certain requirements under the Exchange Act.
Earlier in May, Nasdaq notified Global Brokerage that the market value of its stocks did not meet the requirement for continued listing. Later in early November, the US exchange notified the company that it would remove its publicly held shares from The NASDAQ Global Market.
At the time, FXCM issued a corporate statement to clarify its relationship to Global Brokerage and also clarified some already known details about paying off its loan to Leucadia (NYSE:LUK). FXCM said that Leucadia currently holds a 49.9% equity interest and up to a 65% economic interest in FXCM. In addition, GLBR is a shareholder of FXCM with 50.1% equity ownership and a minority economic interest.
The most important point was FXCM claiming that any adverse developments at GLBR have no impact on the FX brokerage firm or its ability to service customers. More specifically, FXCM said that it has no responsibility for GLBR’s obligation and that its only debt is the loan to Leucadia, which it has recently taken one step closer to repaying with the sale of FastMatch.
Also in October, FXCM Group took additional steps to separate itself from Global Brokerage Holdings LLC, terminating an existing management agreement with the company.
Just after the close of markets in the US on Friday, Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, said that it has finally delisted its common shares from the Nasdaq stock market, a move that the company said will reduce costs for regulatory reports and other expenses.
The company has notified NASDAQ of its intention to voluntarily delist and intends to file a Form 25 (Notification of Removal of Listing) with the Securities and Exchange Commission on December 19, 2017. The company expects the last trading day of its shares on NASDAQ will be on December 28, 2017.
[gptAdvertisement]
Global Brokerage was unable to cure its noncompliance with Nasdaq's listing rule that required the company's common shares to trade above $1 for 30 consecutive business days before October 30.
The company intends to terminate its reporting Obligations under the U.S. Securities Exchange Act of 1934. As part of this exercise to terminate its U.S. reporting obligations, Global Brokerage will be eligible to do so at the earliest twelve months after the delisting of its ordinary shares from NASDAQ and will occur only if GB meets certain requirements under the Exchange Act.
Earlier in May, Nasdaq notified Global Brokerage that the market value of its stocks did not meet the requirement for continued listing. Later in early November, the US exchange notified the company that it would remove its publicly held shares from The NASDAQ Global Market.
At the time, FXCM issued a corporate statement to clarify its relationship to Global Brokerage and also clarified some already known details about paying off its loan to Leucadia (NYSE:LUK). FXCM said that Leucadia currently holds a 49.9% equity interest and up to a 65% economic interest in FXCM. In addition, GLBR is a shareholder of FXCM with 50.1% equity ownership and a minority economic interest.
The most important point was FXCM claiming that any adverse developments at GLBR have no impact on the FX brokerage firm or its ability to service customers. More specifically, FXCM said that it has no responsibility for GLBR’s obligation and that its only debt is the loan to Leucadia, which it has recently taken one step closer to repaying with the sale of FastMatch.
Also in October, FXCM Group took additional steps to separate itself from Global Brokerage Holdings LLC, terminating an existing management agreement with the company.
