Eletrobrás announced that the New York Stock Exchange (NYSE) confirmed that the American Depositary Shares (ADS) resumed trading as of October 2016. The NYSE also confirmed that the delisting process has been canceled.
According to a statement from the state-owned electric company, the resumption of trading occurs due to the filing of the 20-F forms for 2014 and 2015, mandatory financial documents required by the U.S. Securities and Exchange Commission (SEC), the regulatory body of the American financial market.
The company was unable to file the 20-F for 2014 because the external auditor who verifies the company’s results refused to sign the company’s balance sheet after investigations from Operation Lava Jato identified alleged irregularities in projects of its subsidiaries.
The company requested additional time to present the document but was unable to complete the independent internal investigations in time to meet the last extension granted by the NYSE last May, when the deadline for submitting the 20-F for 2015 also expired.
Source: Estadão Conteúdo and Jornal Zero Hora