HSINCHU, Sept. 9, 2019 /PRNewswire/ -- AU Optronics Corp.
("AUO" or the "Company") (TSE: 2409; NYSE: AUO) today
announced that the Company has notified the New York Stock Exchange
("NYSE") on September 9, 2019 (Eastern
Time in the U.S.) that the Company will apply for the
voluntary delisting of its American depositary shares ("ADSs") from
the NYSE and subsequent trading on the over-the-counter market and
intends to deregister such ADSs and underlying ordinary shares
under the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") upon satisfying relevant criteria.
The Board of Directors of AUO approved the delisting of its ADSs
from NYSE due to a number of considerations, including the
significant administrative burden and costs of maintaining the
listing of the ADSs on the NYSE and the registration of the ADSs
with the United States Securities and Exchange Commission (the
"SEC") and complying with the periodic reporting and other related
obligations of the Exchange Act.
After delisting its ADSs from the NYSE, AUO intends to maintain
its ADS program as a sponsored level I ADS program, which will
enable American investors and current holders of AUO ADSs to
continue to hold and trade AUO ADSs in the US over-the-counter
market.
Once AUO has met the criteria for deregistration, AUO intends to
file a Form 15F with the SEC to deregister its ADSs and the
underlying ordinary shares under the Exchange Act. Thereafter, all
of AUO's reporting obligations under the Exchange Act will be
suspended unless the Form 15F is subsequently withdrawn or denied.
Deregistration with the SEC and termination of AUO's reporting
obligations under the Exchange Act are expected to become effective
90 days after its filing of Form 15F with the SEC.
Once the Form 15F is filed, AUO will publish the information
required under Rule 12g3-2(b) of the Exchange Act on its website,
www.auo.com. AUO will also continue to comply with its financial
reporting and other obligations as a listed-issuer on the Taiwan
Stock Exchange. As Taiwan
securities laws and regulations have increasingly become more
advanced, international investors can also refer to the Market
Observation Post System (MOPS) for financial and regulatory
information related to AUO.
As such, AUO intends to file a Form 25 with the SEC on or about
September 20, 2019 to delist its ADSs
from the NYSE. The delisting of the ADSs from the NYSE is expected
to become effective ten days thereafter. From and after that, AUO
will no longer list its ADSs on the NYSE.
AUO reserves its rights in all respects to delay or withdraw the
aforementioned filings prior to their effectiveness and will issue
any further announcement if required under applicable laws.
FAQs about ADSs delisting:
https://www.auo.com.tw/en-global/Stock_Services/index/Shareholder_and_Service
ABOUT AU OPTRONICS
AU Optronics Corp. ("AUO") is one of the world's leading
providers of optoelectronic solutions. Based on its profound
R&D and manufacturing experience, AUO offers a full range of
display applications and smart solutions integrating software and
hardware, and leverages its core expertise to enter new
business areas such as solar, general health and circular economy.
Additionally, AUO is the first pure TFT-LCD manufacturer to be
successfully listed on the New York Stock Exchange (NYSE). AUO has
also been named to the Dow Jones Sustainability World Index since
2010. AUO's consolidated net revenues in 2018 were NT$307.63 billion. For more information,
please visit AUO.com.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TSE: 2409; NYSE:
AUO), a global leader of TFT-LCD panels, today announced the above
news. Except for statements in respect of historical matters, the
statements contained in this Release include "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on our
management's expectations, projections and beliefs at the time
regarding matters including, among other things, future revenues
and costs, financial performance, technology changes, capacity,
utilization rates, yields, process and geographical
diversification, future expansion plans and business strategy. Such
forward looking statements are subject to a number of known and
unknown risks and uncertainties that can cause actual results to
differ materially from those expressed or implied by such
statements, including risks related to the flat panel display
industry, the TFT-LCD market, acceptance of and demand for our
products, technological and development risks, competitive factors,
and other risks described in the section entitled "Risk
Factors" in our Annual Report on Form 20-F filed with the United
States Securities and Exchange Commission on March 29, 2019. In addition, our SEC
reports, including our Annual Report on Form 20-F contains other
information on these and other factors that could affect our
financial results and cause actual results to differ materially
from any forward-looking information we may
provide. We undertake no obligation to update or revise
any forward-looking statements to reflect subsequent events, new
information or future circumstances.
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SOURCE AU Optronics Corporation