Nasdaq to delist CTC Media for failing to follow rules
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CTC Media expects to complete its previously announced merger on May 20, 2016.
The letter states that trading of company’s common stock will be suspended at the opening of business on May 19, 2016, and Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission (SEC), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
CTC Media’s common stock may be immediately eligible to be quoted in the “Pink Sheets.â€
As separately announced, CTC Media expects to complete its previously announced merger on May 20, 2016. The company expects the consideration in the cash-out merger to be $2.0503 per share.
In the merger, a wholly owned subsidiary of the company will merge with and into the CTC Media, with the CTC Media surviving.
The Office of Foreign Assets Control of the U.S. Treasury Department issued a license authorizing CTC Media to proceed with the merger transaction on February 29, 2016. The transaction required a license because of the status of the CTC Media shares held by Telcrest as “blocked property†pursuant to U.S. sanctions. ■