TORM to delist from Nasdaq

Troubled Danish shipping firm TORM A/S [NASDAQ:TRMD]  (TORM) says it has decided to delist from the Nasdaq stock exchange, citing the limited size of its American Depository Receipts (ADR) program, and the reporting costs and other expenses of remaining on the exchange, Ship & Bunker reports.

The company said it changed the ratio of its ADRs to common shares from 1:1 to 1:10 in 2012 to ensure continued compliance with Nasdaq rules, but the ADR program represents only 0.5 percent of the company's total share capital since the company's restructuring in November.

The company's stock price on the Nasdaq has been below $2 a share since February.

Read in full: http://shipandbunker.com/news/world/715494-torm-to-delist-from-nasdaq