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Pixie Dust Technologies has announced plans to voluntarily delist its American Depositary Receipts (ADRs) from the NASDAQ Capital Market and deregister with the SEC. The board's decision, made on October 23, 2024, aims to redirect financial and human resources toward business growth due to substantial costs of maintaining the NASDAQ listing and U.S. Securities laws compliance.

Trading of ADRs will be suspended before trading on November 14, 2024, with the delisting becoming effective the same day. The company plans to file Form 15-F on November 14, 2024, to terminate ongoing disclosure obligations. The ADR program is expected to terminate on January 21, 2025, with full deregistration from SEC becoming effective on February 12, 2025.

Pixie Dust Technologies ha annunciato piani per dismettere volontariamente i suoi American Depositary Receipts (ADR) dal NASDAQ Capital Market e per disregistrarsi presso la SEC. La decisione del consiglio, presa il 23 ottobre 2024, mira a reindirizzare risorse finanziarie e umane verso la crescita aziendale a causa dei costi sostanziali associati al mantenimento della quotazione NASDAQ e alla conformità alle leggi sui titoli statunitensi.

Il trading degli ADR sarà sospeso prima dell'inizio delle contrattazioni il 14 novembre 2024, con la dismissione che diventerà effettiva lo stesso giorno. L'azienda prevede di presentare il modulo 15-F il 14 novembre 2024, per cessare gli obblighi di divulgazione in corso. Il programma ADR dovrebbe terminare il 21 gennaio 2025, con la completa disregistrazione dalla SEC che diventerà effettiva il 12 febbraio 2025.

Pixie Dust Technologies ha anunciado planes para deslistar voluntariamente sus American Depositary Receipts (ADR) del NASDAQ Capital Market y desregistrarse ante la SEC. La decisión de la junta, tomada el 23 de octubre de 2024, tiene como objetivo redirigir recursos financieros y humanos hacia el crecimiento empresarial debido a los costos sustanciales de mantener la cotización en NASDAQ y el cumplimiento de las leyes de valores de EE. UU.

La negociación de los ADR se suspenderá antes de la apertura del 14 de noviembre de 2024, y el deslistado será efectivo ese mismo día. La empresa planea presentar el formulario 15-F el 14 de noviembre de 2024, para finalizar las obligaciones de divulgación en curso. Se espera que el programa de ADR termine el 21 de enero de 2025, y la desregistración completa ante la SEC será efectiva el 12 de febrero de 2025.

픽시 더스트 테크놀로지는 미국 예탁 증서(ADR)를 NASDAQ 자본 시장에서 자발적으로 상장 폐지하고 SEC에서 등록 해지할 계획을 발표했습니다. 이사회는 2024년 10월 23일에 이 결정을 내렸으며, NASDAQ 상장 유지 및 미국 증권법 준수에 따른 상당한 비용 때문에 재정 및 인적 자원을 사업 성장으로 전환하는 것을 목표로 하고 있습니다.

ADR 거래는 2024년 11월 14일 마감 전 중단되며, 같은 날 상장 폐지가 적용됩니다. 회사는 2024년 11월 14일에 지속적인 공시 의무를 종료하기 위해 양식 15-F를 제출할 계획입니다. ADR 프로그램은 2025년 1월 21일에 종료될 예정이며, SEC에서의 완전한 등록 해지는 2025년 2월 12일에 시행됩니다.

Pixie Dust Technologies a annoncé son intention de retirer volontairement ses American Depositary Receipts (ADR) du NASDAQ Capital Market et de se désinscrire auprès de la SEC. La décision du conseil, prise le 23 octobre 2024, vise à réorienter les ressources financières et humaines vers la croissance de l'entreprise en raison des coûts substantiels liés au maintien de la cotation NASDAQ et à la conformité aux lois américaines sur les valeurs mobilières.

Le trading des ADR sera suspendu avant le début des transactions le 14 novembre 2024, et le retrait prend effet le même jour. L'entreprise prévoit de soumettre le formulaire 15-F le 14 novembre 2024, afin de mettre fin aux obligations de divulgation en cours. Le programme ADR devrait prendre fin le 21 janvier 2025, et la désinscription complète auprès de la SEC sera effective le 12 février 2025.

Pixie Dust Technologies hat Pläne angekündigt, ihre American Depositary Receipts (ADRs) freiwillig vom NASDAQ Capital Market abzuziehen und sich bei der SEC abzumelden. Die Entscheidung des Vorstands, die am 23. Oktober 2024 getroffen wurde, zielt darauf ab, finanzielle und personelle Ressourcen auf das Unternehmenswachstum umzuleiten, da die Kosten für die Aufrechterhaltung der NASDAQ-Notierung und die Einhaltung der US-Wertpapiergesetze erheblich sind.

Der Handel mit ADRs wird vor dem Handel am 14. November 2024 ausgesetzt, und die Abmeldung tritt am selben Tag in Kraft. Das Unternehmen plant, am 14. November 2024 das Formular 15-F einzureichen, um die laufenden Offenlegungspflichten zu beenden. Das ADR-Programm soll am 21. Januar 2025 enden, und die vollständige Abmeldung von der SEC wird am 12. Februar 2025 wirksam.

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This release is announcing the amendment of the press release originally issued on October 23, 2024 to disclose the effective date of the delisting from NASDAQ and the Form 15-F filing from November 15, 2024, to November 14, 2024, wherever the date appears. Additionally, trading of the Company's American Depositary Receipts ("ADRs") on NASDAQ will be suspended effective prior to trading on November 14, 2024. No other changes have been made to the original press release.

(Amendment)Notice regarding Plan to Delist American Depositary Receipts from NASDAQ Capital Market and Deregister with U.S. Securities and Exchange Commission.

NEW YORK and TOKYO, Oct. 24, 2024 /PRNewswire/ - Pixie Dust Technologies, Inc. (the "Company") announced that its board of directors resolved, at its meeting held on October 23, 2024, to delist its American Depositary Receipts ("ADRs") from the NASDAQ Capital Market ("NASDAQ") and submit an application for deregistration with the U.S. Securities and Exchange Commission ("SEC"). The Company has also announced that it has notified NASDAQ of its intention to delist its ADRs voluntarily. Plans regarding the delisting and deregistration are as follows:

1.                  Reasons for Applying for Delisting

The Company listed its ADRs on NASDAQ in August 2023 to access the U.S. capital markets and raise capital through its initial public offering, while benefiting from the increased visibility and credibility of being listed on a major U.S. exchange. Since then, the Company has taken steps to uphold active information disclosure to its shareholders and investors, including the fulfillment of disclosure obligations under the Securities Exchange Act, the preparation of financial statements in accordance with accounting principles generally accepted in the United States, and the establishment of internal control systems as required by the Sarbanes-Oxley Act.

The Company has now decided to delist its ADRs due to the substantial cost of maintaining its NASDAQ listing and the ongoing reporting obligations of the United States Securities laws, and considering all other facts and circumstances, the Company has decided to divert its financial and human resources toward its business growth. Consequently, the Company has also decided to apply for voluntary delisting from NASDAQ and deregistration from the SEC reporting requirements.

The Company plans to file Form 25 with the SEC on or about 10 days after Notice to NASDAQ, which will serve as formal notice to the SEC of our intention to delist. The delisting will become effective 10 days after the Form 25 is filed with the SEC.

2.                  Upon Delisting, the Company's shares will not be listed on any exchange. 

3.                  Schedule for Delisting and Other Matters (Eastern Standard Time)

October 23, 2024 (planned)

Notice of voluntary delisting to NASDAQ;

Notice regarding termination of deposit
agreement to depositary bank

November 4, 2024 (planned)

Filing of Form 25 with the SEC for delisting
from NASDAQ and deregistration with the
SEC

November 14, 2024 (planned)

Delisting from NASDAQ to become
effective

November 14, 2024 (planned)**

Filing of Form 15-F with the SEC to
terminate the Company's ongoing
disclosure obligations under the Securities
Exchange Act. Subject to confirmation of
qualification to file.

January 21, 2025 (planned)

Termination of deposit agreement with
depositary bank to become effective
(termination of the ADR program)

February 12, 2025 (planned)**

Deregistration from SEC to become
effective, terminating of the Company's
ongoing disclosure obligations under the
Securities Exchange Act


** subject to 15-F Filing Qualification.

Note that the schedule above (including planned effective dates) may change if the Company receives notification from the SEC that it objects to deregistration or requests an extended review or for other reasons.

4.                  After the Delisting and Deregistration

The Company's ongoing disclosure obligations under the Securities Exchange Act, including the obligation to file annual reports (Form 20-F), will terminate on February 12, 2025, which will be 90 days after the filing of the Form 15-F with the SEC planned November 15, 2024.

The Company's ADR program is also expected to be terminated on January 21, 2025, in conjunction with the applications for NASDAQ delisting and SEC deregistration. ADR holders with questions should contact The Bank of New York Mellon, the Depositary Bank, using the contact info below.

After the termination of ADR program, outstanding common shares on deposit with Depositary Bank may be settled in accordance with the Deposit Agreement.

5.          Forward-Looking Statements

Certain statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity, competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "believe", "expect", "could", "intend", "plan", "anticipate", "estimate", "continue", "predict", "project", "potential", "target," "goal" or other words that convey the uncertainty of future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans or intentions. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, because forward-looking statements relate to matters that have not yet occurred, they are inherently subject to significant business, competitive, economic, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including, among others, those discussed in our most recent annual report for the fiscal year ending April 30, 2024, filed under cover of Form 20-F with U.S. Securities and Exchange Commission, under the headings "Risk Factors", "Operating and Financial Review and Prospects", and "Business Overview" may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements in this annual report. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release include our expectations regarding our revenue, expenses, and other operating results.

6.                  Contact information for inquiries regarding the Company's ADRs:

Depositary Bank:

The Bank of New York Mellon (United States)


Depositary Receipts

Phone:

+1 888 269 2377 (USA toll-free number)


+1 201 680 6825 (International number)


(Available from Monday through Friday, from 9 a.m. to 5 p.m., Eastern
Standard Time)

Website:

www.adrbny.com

Mail:

shrrelations@cpushareownerservices.com

For Japanese ADR holders applying for share settlement, the Company established a contact center to provide share settlement guidance. See below.

Japanese ADR Holders, for ordinary share withdrawal purposes only please contact:

Company:

Pixie Dust Technologies delisting call center

Phone:

81-3-6636-6314

Website:

https://pixiedusttech.com/en/ir

Mail:

pxdt_ir@pixiedusttech.com

 

Cision View original content:https://www.prnewswire.com/news-releases/amendmentnotice-regarding-plan-to-delist-american-depositary-receipts-from-nasdaq-capital-market-and-deregister-with-us-securities-and-exchange-commission-302286836.html

SOURCE Pixie Dust Technologies

FAQ

When will Pixie Dust Technologies (PXDT) be delisted from NASDAQ?

Pixie Dust Technologies will be delisted from NASDAQ effective November 14, 2024, with trading suspended prior to market opening on that date.

Why is Pixie Dust Technologies (PXDT) delisting from NASDAQ?

The company is delisting due to substantial costs of maintaining its NASDAQ listing and ongoing reporting obligations, choosing to redirect resources toward business growth.

What happens to PXDT ADR holders after delisting?

The ADR program will terminate on January 21, 2025. Outstanding common shares on deposit with the Depositary Bank may be settled according to the Deposit Agreement.

When will PXDT's SEC deregistration become effective?

PXDT's deregistration from the SEC is planned to become effective on February 12, 2025, 90 days after filing Form 15-F.

Pixie Dust Technologies, Inc. American Depositary Shares

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