Riverdeep to de-list from Nasdaq
Educational software company, Riverdeep (Nasdaq: RVDP) has announced that it is to voluntarily de-list from the tech laced Nasdaq.
The de-listing, which would affect its American Depositary Shares ("ADSs") is expected to come into effect on October 3. The company will convert its secondary listing on the Irish Stock Exchange to a primary listing, following the seizure of trading on the Nasdaq.
Riverdeep shares have experienced difficulties in the past month and shed over half their value following news of that Gores Technology and IBM were selling off all or some of their stake in the company. The shares are currently trading at USD6.52, compared to highs of over USD18 in August.
Commenting on the news, Executive Chairman and Chief Executive Officer Barry O'Callaghan said, "Riverdeep's decision today to de-list its ADSs from Nasdaq has been taken in an effort to consolidate the Company's trading liquidity on one market.
"The Irish Stock Exchange is the Company's domestic market and the market on which historically all major placements have occurred since IPO. The Board feels that this move will better reflect the needs and European domicile of the Company's shareholder base, including its strategic, institutional and retail shareholders."
