LATAM Airlines to proceed with re-listing ADRs, secondary sale
8:14 pm Tuesday, July 02nd, 2024
(Reuters) – LATAM Airlines said on Tuesday it intends to proceed with the process of re-listing American Depositary Receipts (ADRs) in tandem with the first secondary sale under the so-called registration rights agreement, which certain shareholders requested.
The Santiago-based carrier started the process of re-listing ADRs on the new York Stock Exchange in April and said back then that the process could take up to six months.
In a filing to Chile’s stock exchange, the company said it intends to re-list ADRs at the same time as the secondary sale will take place, but pointed out that it is uncertain when those events will take place.
About the secondary sale, LATAM Airlines said in the statement that it will occur exclusively in the United States and other jurisdictions outside of Chile, and it will be done through the emission of new ADRs.
(Reporting by Anthony Esposito; Writing by Aida Pelaez-Fernandez; Editing by Brendan O’Boyle)
