Konami delists itself from New York Stock Exchange
By Brian Crecente on Apr 27, 2015 at 1:01p @crecenteb
Konami today voluntarily delisted itself from the New York Stock Exchange, effective April 24.
Konami first notified investors of plans to delist in November and filed the notice on April 1, according to SEC documents. In today's filing, Konami notes that 99.71 percent of the trading of the company's stock over the past year occurred in Japan and London.
In the April 1 filing, Konami officials said the decision to delist the company from the New York Stock Exchange was a cost savings measure. U.S. regulatory compliance costs the company a minimum of $5 million a year, analyst Michael Pachter told Polygon.
Konami remains listed in London and Toyko, and shares can still be traded in the U.S. on the over-the-counter market, according to the release.
It's unclear what if any impact this might have on the company moving forward. In today's release, Konami officials wrote that the company will still share financial statements and other information in english, though they will no longer be obligated to under the Exchange Act.
The company will be deregistered with the SEC effective July 12. Reporting obligations will be terminated July 23.
The news comes hours after the company confirmed that it had killed off Silent Hills, the latest in the survival horror franchise. The game was to involve the work of Hideo Kojima and Guillermo del Toro and feature the likeness of Norman Reedus.
Last month, Konami removed Kojima's name and the Kojima Productions logo from the official Metal Gear Solid websites, Twitter accounts and marketing materials. That spawned reports that Kojima would be leaving the publisher for whom he has worked his entire career.
By Brian Crecente on Apr 27, 2015 at 1:01p @crecenteb
Konami today voluntarily delisted itself from the New York Stock Exchange, effective April 24.
Konami first notified investors of plans to delist in November and filed the notice on April 1, according to SEC documents. In today's filing, Konami notes that 99.71 percent of the trading of the company's stock over the past year occurred in Japan and London.
In the April 1 filing, Konami officials said the decision to delist the company from the New York Stock Exchange was a cost savings measure. U.S. regulatory compliance costs the company a minimum of $5 million a year, analyst Michael Pachter told Polygon.
Konami remains listed in London and Toyko, and shares can still be traded in the U.S. on the over-the-counter market, according to the release.
It's unclear what if any impact this might have on the company moving forward. In today's release, Konami officials wrote that the company will still share financial statements and other information in english, though they will no longer be obligated to under the Exchange Act.
The company will be deregistered with the SEC effective July 12. Reporting obligations will be terminated July 23.
The news comes hours after the company confirmed that it had killed off Silent Hills, the latest in the survival horror franchise. The game was to involve the work of Hideo Kojima and Guillermo del Toro and feature the likeness of Norman Reedus.
Last month, Konami removed Kojima's name and the Kojima Productions logo from the official Metal Gear Solid websites, Twitter accounts and marketing materials. That spawned reports that Kojima would be leaving the publisher for whom he has worked his entire career.
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mowgli
overall.
