Cosan will delist its NYSE-listed ADSs by Sept. 18, cutting costs and focusing on B3 trading. The company keeps SEC reporting obligations.
Cosan S.A. currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
SÃO PAULO – Cosan S.A. (B3: CSAN3; NYSE: CSAN) will pull its American Depositary Shares from the New York Stock Exchange, the Brazilian energy and logistics conglomerate said Monday, part of a plan to simplify its capital structure and cut costs.
The company's board approved the voluntary delisting on Aug. 14. Cosan plans to file Form 25 with the U.S. Securities and Exchange Commission on Sept. 8. The last trading day for the ADSs on the NYSE would be Sept. 18, the company said, though the timeline depends on the process.
Cosan will keep its common shares listed on B3's Novo Mercado segment in São Paulo, where the bulk of trading already happens. The company will remain registered under the Securities Exchange Act of 1934 and keep filing reports with the SEC after the delisting. It has not arranged for another U.S. exchange listing or quotation for the ADSs.
Each ADS represents four common shares. The company said it can delay or withdraw the filings before they take effect.
The delisting follows other Brazilian companies that have left the NYSE in recent years, citing lower trading volumes and the cost of dual listings. Cosan, founded by the family of billionaire Rubens Ometto Silveira Mello, has businesses spanning sugar and ethanol, fuel distribution, natural gas, and rail logistics.
Cosan's Alpha Score is unavailable from AlphaScala, and the stock is listed as unscored in the system. The stock page for CSAN is available for tracking.
Chief Financial and Investor Relations Officer signed the material fact notice, which was filed with the Brazilian Securities Commission.
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