(Image courtesy of The Nikkei – Nihon Keizai Shimbun.)
Ikinari! Steak to Delist from Nasdaq
On June 14, 2019, Pepper Food Service Co., Ltd., the operator of the steakhouse chain “Ikinari! Steak,” resolved at its Board of Directors meeting held on the same day to apply for the delisting of its American Depositary Receipts (ADRs) from the NASDAQ GLOBAL MARKET (Nasdaq) and for deregistration from the U.S. Securities and Exchange Commission (SEC). The company’s press release can be found here.
Pepper Food Service had just become the first Japanese restaurant chain to list on Nasdaq in September 2018.
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According to the press release, the reasons cited for the delisting and deregistration include:
- The closure of seven “Ikinari! Steak” stores operated by its U.S. subsidiary, announced on February 14, 2019.
- The sluggish trading volume of its ADRs on Nasdaq, which has reduced the economic rationale for maintaining the listing.
Pepper Food Service plans to terminate its ADR program through its depositary bank following the delisting from Nasdaq and deregistration from the SEC (the company will maintain its listing on the Tokyo Stock Exchange).
(We have also updated our past articles, “List of Japanese Companies Listed on NYSE and Nasdaq” and “U.S. Securities Market Guide Part 3: Nasdaq Listing by Japanese Companies (Part 2).” Please take a look at these as well.)
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