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OneConnect Financial Technology Co., Ltd. (NYSE:OCFT; HKEX:6638) announced Tuesday that its shareholders have approved a proposal to privatize the company through a scheme of arrangement under the Companies Act of the Cayman Islands. The proposal remains subject to additional conditions, including sanction by the Grand Court of the Cayman Islands.
According to a press release statement, trading of OneConnect’s American Depositary Shares (ADSs) on the New York Stock Exchange is expected to be halted before market opens on Thursday at the company’s request. This trading halt is intended to coincide with the last day of trading for OneConnect’s ordinary shares on the Hong Kong Stock Exchange, also scheduled for Thursday.
If the scheme is sanctioned by the Cayman court and becomes effective in November, the company stated that trading of its ADSs on the NYSE will not resume. The last day of trading for ADSs on the NYSE is set for Wednesday. The withdrawal of the company’s ordinary shares from the Hong Kong Stock Exchange is expected to be effective on November 21, with a permanent suspension of trading in the ADSs on the NYSE also anticipated for November 21. The company’s ADSs are expected to be delisted from the NYSE on December 1.
OneConnect advised investors to refer to its Schedule 13E-3 filing with the Securities and Exchange Commission and a joint announcement regarding voting results for more details. All information in this article is based on a press release statement filed with the SEC.
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