Pixie Dust provides update on plan to delist from Nasdaq and deregister from SEC

Pixie Dust (PXDT) resolved to delist its ADRs from NASDAQ and submit an application for deregistration with the SEC. The company has also announced that it has notified NASDAQ of its intention to delist its ADRs voluntarily. The company listed its ADRs on NASDAQ in August 2023. The company has now decided to delist its ADRs due to the substantial cost of maintaining its NASDAQ listing and the ongoing reporting obligations of the United States Securities laws, and considering all other facts and circumstances, the company has decided to divert its financial and human resources toward its business growth. Consequently, the company has also decided to apply for voluntary delisting from NASDAQ and deregistration from the SEC reporting requirements. The company plans to file Form 25 with the SEC on or about 10 days after Notice to NASDAQ, which will serve as formal notice to the SEC of intention to delist. The delisting will become effective 10 days after the Form 25 is filed with the SEC. The company’s ongoing disclosure obligations under the Securities Exchange Act, including the obligation to file annual reports, will terminate on February 12, 2025, which will be 90 days after the filing of the Form 15-F with the SEC planned November 15, 2024. The company’s ADR program is also expected to be terminated on January 21, 2025, in conjunction with the applications for NASDAQ delisting and SEC deregistration.