Orange Cancels US Listing, Diverging from Tech Industry Trends

September 25, 2024 07:33 AM PDT | By Team Kalkine Media

Orange Cancels US Listing, Diverging from Tech Industry Trends — Image source: shutterstock

Highlights

Voluntary Delisting Decision: French telecom operator Orange has announced its plan to voluntarily delist from the New York Stock Exchange (NYSE) due to the high costs associated with maintaining its secondary listing.

Board Consideration: The decision was made after thorough deliberation by the board of directors, who weighed the financial and administrative burdens of keeping the NYSE listing and registration with the SEC.

No Impact on US Operations: Orange reassured that this move will not affect its clients or partners in the United States, emphasizing a continued commitment to its operations in the region.

Description

In a notable departure from the trend of European tech firms relocating to the US, French telecom operator Orange has decided to delist its shares from the New York Stock Exchange (NYSE) .The company cited the significant financial and administrative costs associated with maintaining its secondary listing as the primary reason for this strategic move.

In an official press release, Orange stated, “The decision to voluntarily delist from the NYSE and to deregister from the SEC was made after careful consideration by the board of directors.” This reflection underscores the company's focus on streamlining its operations and reducing unnecessary expenditures.

The telecom giant, which previously divested its UK operations to EE, made it clear that this delisting will not impact its client or partner relationships in the US market. This indicates that while Orange is stepping back from the NYSE, it remains committed to maintaining its presence and services in the region.

Additionally, Orange announced that it would also deregister two sets of NYSE-listed debt securities, further solidifying its decision to streamline its financial operations. This strategic shift reflects a broader trend among companies reevaluating their listings in light of rising costs and regulatory requirements, positioning Orange to focus more effectively on its core markets and operational efficiencies.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.