Global Brokerage announces Dec 28, 2017, as last day of trading of its shares on NASDAQ
The company plans to file the necessary notice with the SEC on or about December 19, 2017, and the last day of trading on NASDAQ is set to be December 28, 2017.
In a move in line with previously announced plans, Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc, today announces that it has informed Nasdaq of its intention to delist its Class A common stock from the NASDAQ Capital Market.
This happens about a month after Nasdaq approved Global Brokerage’s application to transfer its stock to the NASDAQ Capital Market exchange, with the securities trading on the NASDAQ Capital Market since the opening of business on November 13, 2017.
Global Brokerage said today that it intends to file a Form 25, Notification of Removal from Listing under Section 12(b) of the Securities Exchange Act of 1934, with the Securities and Exchange Commission (SEC) on or about December 19, 2017, notifying the SEC of its delisting from the Exchange. The last day of trading on the Exchange will be December 28, 2017.
Global Brokerage says it has not arranged for listing or registration of its Common Stock on another national securities exchange.
Global Brokerage’s Board of Directors intends to withdraw its Common Stock from listing on the Exchange as a result of several factors, including the intention to deregister its Common Stock under the Securities Exchange Act of 1934, as amended, and terminate its duty to file periodic reports with the SEC in order to reduce its costs of compliance with the rules of the SEC and of the Exchange.
There was no update from Global Brokerage on how its plans to file for Chapter 11 bankruptcy progress. As per earlier regulatory filings by the company, it commenced a solicitation of votes for the restructuring plan on November 10, 2017, and expects to begin the chapter 11 case on or before December 20, 2017. The case will be filed with the United States Bankruptcy Court for the Southern District of New York.
Global Brokerage expects that the Chapter 11 Case will be of a short duration, and expect to request that the Bankruptcy Court schedule a confirmation hearing within 30 to 45 days of the Petition Date. If no plan of reorganization can be confirmed, the Chapter 11 Case may be converted to a case under chapter 7 of the Bankruptcy Code, pursuant to which a trustee would be appointed to liquidate GLBR’s assets for distribution in accordance with the priorities established by the Bankruptcy Code.
