What is going on with this company?
In the ongoing saga of Konami’s spectacular fall, here is the newest chapter- Konami has announced that it will voluntarily be delisting itself from the prestigious New York Stock Exchange. The delisting is actually effective from April 24.
According to Konami, the reason that they withdrew from the stock exchange makes sense- 99.71 percent of the trading of the company’s stock over the past year occurred in Japan and London. As a result, as a cost savings measure, Konami has decided to get itself delisted, saving itself at least $5 million every year (which, according to Polygon, is the money it spends to comply with U.S. regulations).
The company is still listed on the Japanese and London stock exchanges, however, and shares can still be traded in the U.S. over the counter. Konami has confirmed that, going forward, it has no more legal obligations to share its financial statements and reports in English, though it also reiterated that it does plan on doing so anyway.
We will keep you posted on further developments.