Braskem discloses delay in filing annual Form 20-F, NYSE delisting plans
In a regulatory filing, Braskem S.A. informs that the company will not be able to file its Form 20-F for the year ended December 31, 2017 on or prior to May 16, 2019. "No further extensions may be granted pursuant to Section 802.01E of the New York Stock Exchange Listed Company Manual. The NYSE has suspended the trading of our American depositary shares and will initiate delisting procedures, which is subject to appeal in accordance with the rules and procedures of the NYSE. The company has already filed its consolidated financial statements for the fiscal years 2017 and 2018 with CVM - Comissao de Valores Mobiliarios, the Brazilian Securities Market Regulator, and remains in compliance with its rules. Additionally, the company has undertaken significant efforts and deployed significant resources, working to complete additional procedures and analyses on our internal processes and controls. The Board of Directors and senior management will continue to dedicate significant efforts and resources and are working towards filing the 2017 20-F and our annual report on Form 20-F for the year ended December 31, 2018 as expeditiously as possible, in order to resume trading of the company's ADS on the NYSE. We also expect that our ADSs will be available as soon as possible for trading in the over-the-counter market in the United States. We will provide the ticker under which our ADSs will trade on the OTC as soon as it is available," the filing stated.