Global Brokerage's delisting procedure continues, as it files Form 25 with SEC - FinanceFeeds

Global Brokerage’s delisting procedure continues, as it files Form 25 with SEC

In the SEC filing, Global Brokerage says it has complied with the rules of Nasdaq and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

In line with previously announced plans, Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, has taken the next steps towards delisting its stock from Nasdaq.

On December 19, 2017, the company filed Form 25 with the United States Securities and Exchange Commission (SEC). The document is a notification of removal from listing and/or registration under the Securities Exchange Act of 1934. Global Brokerage says it has complied with the rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Global Brokerage had previously reported that it intends, by the end of the 2017 calendar year, to initiate the steps to deregister its Class A common stock, par value $0.01, under the Securities Exchange Act of 1934 and to terminate its duty to file periodic reports with the Securities and Exchange Commission, such as quarterly and annual reports.

Accordingly, on December 6, 2017, the Board of Directors of Global Brokerage made the determination to delist the common stock from the NASDAQ Capital Market and to deregister the Common Stock under the Exchange Act. On December 8, 2017, the company notified the NASDAQ Stock Exchange of its intention to voluntarily delist the common stock from the Exchange.

Global Brokerage’s trading on Nasdaq is set to cease after market close on December 28, 2017.

The New York Southern Bankruptcy Court has scheduled a Combined Hearing in Global Brokerage’s Chapter 11 bankruptcy case for January 17, 2018, in line with the timetable proposed by Global Brokerage’s Counsel. At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy.

The Court has thus far approved a range of Motions, including the one to authorize Global Brokerage to continue using its existing bank account and business forms, as well as the one for the entry of an order establishing notification procedures and approving restrictions on certain transfers of interests in the debtor. The Bankruptcy Judge has also granted the Motion for payment of the so-called Trade Claims.

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