Voluntary delisting means that the company voluntarily applies to the regulatory authorities for cancellation of the license according to the resolutions of the shareholders' meeting and the board of directors. Generally, there are the following reasons: when the operating period expires, the shareholders' meeting decides not to renew it; The shareholders' meeting decides to dissolve; Dissolution due to merger or division; Bankruptcy; Adjust the structure and layout according to market demand.
Passive delisting means that futures institutions are forced to revoke their licenses by the regulatory authorities, which generally leads to major risks due to major violations of laws and regulations or poor management.
What is the procedure of delisting of listed companies?
(1) The Exchange shall notify the listed company within 10 working days after it finds that the listed company is below the listing standard;
(2) After receiving the notice, the company shall make a reply to the Exchange within 45 days, and put forward a rectification plan in the reply, indicating that the company will meet the listing standards again within 18 months at the latest. (3) The Exchange shall, within 45 days after receiving the rectification plan, notify the company whether to accept the rectification plan.
(4) The company shall, within 45 days after receiving the rectification plan approved by this Exchange, release the information that the company has fallen below the listing standard.
5. After the plan is launched 18 months, the Exchange will review the company every three months. During this period, if the company fails to implement the plan, the exchange will decide whether to terminate the listing according to the seriousness of the case;
[6]/KLOC-If the company still does not meet the listing requirements after the end of 0/8 months, the Exchange will notify the company to terminate its stock listing and inform the company that it has the right to apply for a hearing.
(7) If the hearing supports the decision of the Exchange to terminate the stock listing, the Exchange will apply to the US Securities and Exchange Commission;
Being approved by the ⑻SEC, the trading of the company's shares was officially terminated. As can be seen from the above situation, the longest time for the exchange to decide to terminate the listing of the company's shares is 22 months.