Following Previously Announced Confidential Submission of Draft Registration Statement for its U.S. Business, CI Financial Confirms Intent to Voluntarily Delist from the NYSE and Deregister with the U.S. Securities and Exchange Commission
December 30 2022 - 7:00AM
Business Wire
CI Financial Corp. (TSX: CIX; NYSE: CIXX) (“CI”) announced today
that it has submitted a formal notice to the New York Stock
Exchange (“NYSE”) of its decision to voluntarily delist its common
shares from NYSE. Following the proposed delisting, CI expects that
it will suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The common
shares will continue to be listed and traded on the Toronto Stock
Exchange under the symbol “CIX” and CI will remain a reporting
issuer in Canada. The plan for the proposed U.S. delisting was
initially outlined in CI’s Q3 2022 corporate earnings
communications.
As previously announced, CI intends to undertake an initial
public offering of common stock of its U.S. business (the “IPO”).
Following the IPO, each of CI’s Canadian and U.S. businesses will
be listed in the respective home market where it operates. Given
CI’s progress to date in respect of the IPO (including the
confidential submission with the U.S. Securities and Exchange
Commission (the “SEC”) earlier this month of a draft registration
statement in respect of the IPO), the Board of Directors of CI has
determined that the continued benefit from a dual listing of CI at
this time is outweighed by the costs to CI of being listed on
multiple exchanges and filing annual and periodic reports with the
SEC.
In order to implement the delisting, CI intends to file a Form
25 with the SEC on or about January 9, 2023. The last day of
trading in CI’s common shares on NYSE will be on or about January
19, 2023, when the Form 25 takes effect. CI also intends to file a
Form 15 with the SEC on or about January 19, 2023 (the anticipated
effective date of the NYSE delisting) to immediately suspend its
filing obligations under the Exchange Act, including CI’s
requirements to file on a go-forward basis annual reports on Form
40-F and periodic reports on Form 6-K.
CI has not arranged for a listing, registration or quotation of
its common shares on another stock exchange or quotation service in
the United States.
CI reserves the right, for any reason, to delay its Form 25 and
Form 15 filings to delist and deregister, respectively, to withdraw
them prior to effectiveness, and to otherwise change its plans in
respect of delisting and deregistration in any way.
About CI Financial Corp.
CI Financial Corp. is a diversified global asset and wealth
management company with $384.9 billion in assets under management
as at November 30, 2022. Founded in 1965, CI operates in three
segments – Asset Management, Canadian Wealth Management, and U.S.
Wealth Management. CI is headquartered in Toronto and is currently
listed on the Toronto Stock Exchange (TSX: CIX) and the New York
Stock Exchange (NYSE: CIXX).
Forward-Looking Statements
This press release contains forward-looking statements based on
current expectations that involve a number of risks and
uncertainties. All forecasts, projections, future plans or other
statements, other than statements of historical fact, are
forward-looking statements and include words or phrases such as
“believes,” “will,” “expects,” “anticipates,” “intends,”
“estimates,” “plan,” “proposed,” “believe,” “would” and words and
phrases of similar import. The forward-looking statements in this
press release are also forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act, and involve substantial risks
and uncertainties. We can give no assurance that such expectations
will prove to be correct. Actual results could differ materially as
a result of a variety of risks and uncertainties, many of which are
outside of the control of CI. Other than as required by law, CI
undertakes no obligation to update or alter any forward-looking
statement after the date on which it is made, whether to reflect
new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221229005310/en/
Investor Relations
Jason Weyeneth, CFA Vice-President, Investor Relations &
Strategy 416-681-8779 jweyeneth@ci.com
Media Relations
Canada
Murray Oxby Vice-President, Corporate Communications
416-681-3254 moxby@ci.com
United States
Jimmy Moock Managing Partner, StreetCred 610-304-4570
jimmy@streetcredpr.com ci@streetcredpr.com
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Jul 2024 to Aug 2024
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Aug 2023 to Aug 2024