Azure Power delisted from the New York Stock Exchange
The removal will come into effect by 13 November 2023.
India-based renewable power producer Azure Power has been delisted from the New York Stock Exchange (NYSE).
The Committee of the Board of Directors of the NYSE has reached a “final delisting decision” to remove Azure Power’s equity shares from trading on the NYSE, effective by 13 November 2023.
The NYSE submitted a Form 25 notice of removal from listing to the company on 13 July 2023, under the supervision of the U.S. Securities and Exchange Commission (SEC).
Once receiving the notice, the company requested a review of the delisting determination on 26 July. On 7 August, the NYSE Office of General Counsel granted a date of the review by 16 October 2023, alongside a timetable prior to the Review Date and a presentation on the indicated date.
Despite the compliance with crucial deadlines, the NYSE Committee stood by the staff’s delisting determination.
Currently, Azure Power shares are available exclusively for trade on the over-the-counter expert market. As an effort to stay in the U.S. market, the company is planning to join the OTC Markets Group and trade on the OTCQX market, capable of public quotations and retail trading.