After its delisting on the New York Stock Exchange (NYSE), LATAM Airlines could be trading under a new ticker but there are no information on when trading in the shares will resume.
It would be recalled that the New York Stock Exchange had announced that it will be delisting LATAM Airlines from the exchange.
“The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced that the staff of NYSE Regulation has now determined to immediately suspend trading in the American Depositary Shares, each representing one share of Common Stock (“ADS”) of LATAM Airlines Group S.A. (the “Company”) — ticker symbol LTM — from the NYSE.
On May 26, 2020, the NYSE announced that it was commencing proceedings to delist the Company. The Company had the right to request a review of this determination by a Committee of the Board of Directors of the Exchange until June 9, 2020. On June 9, 2020, the Company confirmed that it will not exercise that right. Accordingly, the NYSE will now suspend trading in the ADS and will file a delisting application with the Securities and Exchange Commission.”
LATAM replied in a statement that it will not challenge the delisting. the company said in a statement that:
“The Brazilian securities regulator, the CVM (Comissão de Valores Mobiliários), has approved the de-listing of Multiplus S.A., which becomes a privately-held company with shares that are no longer traded on the B3 Novo Mercado or any other organized market, effective May 6, 2019.”
“LATAM Airlines Brazil, an affiliate of LATAM Airlines Group S.A. (NYSE: LTM / IPSA: LTM), informed that the delisting follows the successful completion of the tender offer process for the common shares of Multiplus S.A. that LATAM affiliates did not own (approximately 27.3% of the outstanding capital stock), which was successfully completed on April 1, 2019.”
However, in the latest update sent to its customers, one of the largest trading platform providers in the world, TD Ameritrade, the company said:
“Latam Airlines (LTM) has become delisted from the New York Stock Exchange, so now your shares will convert and trade under a new symbol – LTMAQ. There is no action you will need to take to complete this, all of your LTM stock will convert to LTMAQ when we receive the final registration instructions from the company,” the statement said.
However, LATAM has not announced this development to its shareholders. State-owned Qatar Airways which major stakes in LATAM said earlier this week that it will not require any form of state bailout to remain as a going concern. The group also said it will continue to support the South American largest carrier.