March 9, 2017
Nippon Telegraph and Telephone Corporation (“NTT”) today announced the delisting schedule from the NYSE and notified to the NYSE on March 9, 2017 (Eastern Time in the U.S.) that it will apply for voluntary delisting of its ADRs from the NYSE, in connection with its announcement on February 10, 2017 relating to its intention of delisting from the NYSE. Please see below for details.
In September 1994, NTT listed its ADRs on the NYSE in order to improve convenience for overseas investors and increase its capital raising options. Since then, NTT has been focused on proactive information disclosure by meeting its reporting obligations under the U.S. Securities Exchange Act of 1934 (“Exchange Act”), preparing consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles and establishing internal controls in accordance with the Sarbanes-Oxley Act of 2002.
Subsequently, the Japanese stock markets have become increasingly globalized and the stock market environment, generally, has undergone significant changes, such as the revision of Japanese laws, regulations, and Japanese Accounting Standards, and a decrease in regulatory differences between Japan and the United States with respect to disclosure and internal control requirements. These changes, compared to when NTT first listed its ADRs on the NYSE over 20 years ago, have made the Japanese stock markets more accessible to U.S. investors and have led to a drastic increase in stock trading by overseas investors in the Japanese market.
In light of these changes in the Japanese stock market environment, NTT has decided to file an application for voluntary delisting from the NYSE, as the necessity to remain listed on the NYSE has decreased while the costs associated with being an NYSE-listed company have increased.
Tokyo Stock Exchange
|March 9, 2017||Notice to the NYSE of its application to delist|
|March 21, 2017 (planned)||Submission of Form 25 to the U.S. Securities and Exchange Commission (the “SEC”) to delist from the NYSE|
|April 3, 2017 (planned)||Effective date of delisting from the NYSE|
Even after delisting its ADRs from the NYSE, NTT intends to maintain its ADR program in the United States and anticipates that its ADRs will be traded on the U.S. over-the-counter market. NTT will suspend the issuance of new ADRs at the time of delisting from the NYSE, but in addition to the aforementioned over-the-counter market trading, it will remain possible to continue to hold NTT’s ADRs or to cancel them through the depositary bank.
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Nippon Telegraph and Telephone Corporation
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