Offshore drilling contractor Noble Corporation has set out plans to voluntarily delist from NASDAQ Copenhagen, as the listing no longer justifies the associated costs.
Noble said it will remain traded on the New York Stock Exchange (NYSE), as its primary listing exchange.
Following a comprehensive review, the company decided that the trading volume of its share entitlements on NASDAQ no longer justifies the expense and administrative requirements associated with maintaining this dual listing.
The company’s NYSE listing provides its shareholders with sufficient liquidity, as NYSE accounts for approximately 99% of its trading volume.
The substantial savings in exchange fees, legal fees, and managerial time and effort to maintain a dual listing can be redirected to initiatives intended to generate shareholder value.
Noble added it anticipates such delisting will be effective in late 2024 or early 2025.
The company has not filed, and has not yet determined when it will file, a formal delisting request with NASDAQ.