Bristol-Myers Squibb Announces Intention to Voluntarily Delist Preferred Stock
NEW YORK--(BUSINESS WIRE)-- Bristol-Myers Squibb Company (NYS: BMY) today announced that it has notified the New York Stock Exchange ("NYSE") of its intention to voluntarily delist its $2 Convertible Preferred Stock (the "Preferred Stock") from the NYSE.
The company's decision to delist the Preferred Stock was driven by the low number of shares outstanding, low daily trading volume, listing fees and compliance administration costs. Currently, 5,064 shares of Preferred Stock remain outstanding, which is below the minimum number of shares specified by Section 802.01 of the NYSE Listed Company Manual.
The company expects to file an application on Form 25 to notify the Securities and Exchange Commission of its withdrawal of the Preferred Stock from listing on the NYSE on or about May 28, 2013. The company expects the delisting of its Preferred Stock to become effective on or about June 10, 2013. The company does not intend to re-list the Preferred Stock on another securities exchange, but expects that the Preferred Stock will be quoted on one or more over-the-counter markets.
Delisting the Preferred Stock from the NYSE will not affect its terms, including dividend payments. The company intends to maintain the Preferred Stock's registration under the Securities Exchange Act of 1934, as amended.
The Company will continue to maintain the listing of its common stock on the NYSE.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
Bristol-Myers Squibb Forward Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding the expected delisting of the company's Preferred Stock. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that steps taken by third parties to make the Preferred Stock eligible for trading on one or more over-the-counter markets will be successful, or that the expected delisting of the Preferred Stock will occur in the time periods described in this press release. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2012, in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
KEYWORDS: United States North America New York
The article Bristol-Myers Squibb Announces Intention to Voluntarily Delist Preferred Stock originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.