In a statement, Wescast Industries Inc. announced it will file the necessary form with the SEC to deregister its Class A subordinate voting shares and suspend its reporting obligations under the Securities Exchange Act of 1934. The move will de-list Wescast shares from the Nasdaq Stock Market.
The Brantford, ON, foundry is the world's largest supplier of exhaust manifolds for passenger cars and light trucks.
Wescast said filing will be completed by June 30, and it expects the deregistration to become effective within 90 days. The company's obligation to file certain reports and forms with the SEC will end, including 6-Ks and the annual Form 40-F.
Wescast’s Class A shares will continue to trade on the Toronto Stock Exchange (symbol WCS.SV.A).
Directors of Wescast reportedly concluded that delisting and ending SEC registration of the Class A are best for the company’s shareholders. They cited the limited trading volume and liquidity of Wescast shares on Nasdaq; and the costs of preparing and filing of the periodic reports with the SEC.