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Atlas Corp. (NYSE:ATCO) has announced its plan to redeem its 7.125% Notes due in 2027 and its Series D and Series H Preferred Shares. The company intends to delist these securities from the Nasdaq Stock Market and the New York Stock Exchange (NYSE), respectively, and to deregister from the U.S. Securities and Exchange Commission (SEC).
The company’s board of directors, along with the board of directors of Poseidon Corp., which owns all common shares of Atlas, have decided to proceed with the redemption and delisting due to current market conditions, the availability of capital, and the financial and administrative burdens of compliance with the rules and regulations of the NYSE, Nasdaq, and SEC. This move is also influenced by the fact that Atlas does not have publicly traded common equity.
Atlas Corp. has already notified Nasdaq and the NYSE of its intent and is in the process of obtaining necessary consents from third-party lenders to complete the delisting from the NYSE. The redemption and delisting of the Series D Preferred Shares and part of the Series H Preferred Shares are expected to occur in the second quarter of 2025. The redemption and delisting of the Notes are scheduled for July 7, 2025.
The company emphasizes that this action will not affect the terms or conditions of the Notes, the Preferred Shares, or any other issued and outstanding securities of Atlas or its subsidiary Seaspan Corporation. Following the delisting, Atlas will file a Form 15 with the SEC, and the deregistration of the Notes and Preferred Shares is expected to become effective 90 days after the filing.
This strategic decision reflects Atlas Corp.’s efforts to streamline operations and reduce regulatory overhead. The information is based on a press release statement filed with the SEC.
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