Latam confirms its return to the NY Stock Exchange at the end of July

Latam announced its return to the New York Stock Exchange with American Depositary Receipts (ADRs), with which it could carry out a secondary sale at the end of July. The company reported the sale of 100 million additional ADR certificates that it holds in its US bank to trade its shares and that will be added to the 217 million ADRs currently registered.

The trading value of each share will also change from a 1:1 ratio to one where each ADR represents 2,000 shares. “The Company’s preference remains that the Relisting of the ADR Program occur simultaneously with the first secondary sale under the Registration Rights Agreement (“RRA”), and such first secondary sale under the RRA, the “First Secondary Sale under the RRA”),” Latam said in the statement to the regulator.

The company stated that, based on the information available to the Board at this date, it contemplates that “the First Secondary Sale under the RRA will take place on or about July 24, 2024, at which time the corresponding underwriting agreement will be signed. If the above is confirmed, the Board will approve that the date on which the Relisting of the ADR Program will be effective will be on or about July 25, 2024,” as reported by Yahoo Finance.

As reported by REPORTUR.coafter obtaining approval from the board of directors, Latam announced in April that it would return to trading on the New York Stock Exchange. The group then began the six-month process before the United States Securities and Exchange Commission (SEC). (Latam will return to trading on the New York Stock Exchange.)