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Braskem to be delisted from New York Stock Exchange

  5/16/2019 - New York, NY - The New York Stock Exchange has suspended trading of Braskem's American depository shares and will initiate delisting procedures because the Brazilian petrochemical producer will not be able to file its 2017 annual report with the U.S. Securities and Exchange Commission by an extended deadline this week, Braskem said. "The board of directors and senior management will continue to dedicate significant efforts and resources and are working towards filing the 2017 20-F and our annual report on Form 20-F for the year ended December 31, 2018, as expeditiously as possible, in order to resume trading of the company's ADS on the NYSE," Braskem said in a statement. Braskem's shares will be available to trade over the counter "as soon as possible." A 20-F is an annual report that must be filed by all foreign private issuers with shares traded on U.S. exchanges by certain deadlines. Braskem missed a March deadline and the New York Stock Exchange extended it to May 16. Last week, Pedro Teixeira Carvalho, Braskem's investor relations officer, said during the company's quarterly earnings call that the company was working hard to file the report on time, but could not be sure of meeting the deadline. He said Braskem needed to assess "consistency of the control environment," and a 20-F has an internal controls component that needs review "to make sure that we are reporting directly to the market." The company's 20-F for 2018 meets the requirements, but the 2017 report does not, and it must be filed before Braskem can file the 2018 report. "We'll still be trading on the OTC market, but the process is suspended until the appeal is evaluated and analyzed and decided by the NYSE, which I mean could take some time," Carvalho said. "We have seen a precedent where it took roughly six months for that to happen but as far as I know, there is no established time period for that to happen." If the company files the 20-F while the appeal is under way, Braskem's ADRs would be relisted on the NYSE, he added.

Friday, January 22, 2021

Guill Tool & Engineering rolls out new website - click to expand

NovationSi and Zeon develop novel electrically conductive silicone compounds - click to expand

Hankook Tire selected as original equipment for Audi RS Q8 - click to expand

North America tire market forecast at $90 billion by 2025 - click to expand

Book of the day: Thermoplastic Elastomers - click to expand

Dunlop Motorcycle Tires announces price increase for U.S. and Canada - click to expand

Thursday, January 21, 2021

Bostik invests in joint venture with Cartell Chemical for development of engineering adhesives - click to expand

Bridgestone and NRGene announce sequence and assembly of guayule genome - click to expand

Freudenberg Medical expands U.S. molding operations - click to expand

Global silicone surfactants market forecast at $3.3 billion by 2026 - click to expand

Safic-Alcan further extends partnership with Arkema molecular sieves - click to expand

Cabot Corporation receives platinum rating for its sustainability efforts from EcoVadis - click to expand

Wednesday, January 20, 2021

GRI initiates phase 2 for the largest specialty tire plant in Sri Lanka - click to expand

Call for abstracts issued for 2021 International Elastomer Conference - click to expand

ExxonMobil introduces new Santoprene integrated thermoplastic vulcanizate - click to expand

Henkel expands collaboration with InterPRO for 3D application development - click to expand

Greenergy invests in advanced biofuels project - click to expand

German and International Rubber Conference 2021 postponed due to COVID-19 - click to expand

Tuesday, January 19, 2021

Wallace Instruments partners with ACE Products & Consulting LLC - click to expand

Lux Research names top five technologies disrupting the chemicals and materials industry - click to expand

Endurica named winner of the 2020 Tibbetts Award from the U.S. Small Business Administration - click to expand

Polyurethanes Technical Conference set to resume in Denver, CO, October 4 - click to expand

BKT renews its sponsorship for all competitions organized by Curling Canada - click to expand

Greenergy opts for Haldor Topsoe’s HydroFlex technology - click to expand

Monday, January 18, 2021

General Silicones announces solution for using hot-melt adhesives with silicone rubber - click to expand

Biesterfeld receives distribution rights for Denka acrylate rubbers - click to expand

Rubber Division, ACS, promotes rubber groups and technical organizations - click to expand

Apollo inaugurates specialized service center for tires in India - click to expand

TechnoBiz announces research webinar on Future Applications of Natural Rubber - click to expand

Harwick Standard announces retirement of Daniel Davis - click to expand

Market Reports

Rubber-internal mixer market will register a 0.3% CAGR through 2025 - click to expand

North America tire market forecast at $90 billion by 2025 - click to expand

Global silicone surfactants market forecast at $3.3 billion by 2026 - click to expand

Global Off the Road (OTR) Tire Market is expected to be around 4 percent through 2025 - click to expand

Global Automotive Tires Market to reach $575 billion by 2025 - click to expand

Global carbon black market is projected to expand at a CAGR of 4.4 percent through 2026 - click to expand

Global rubber gloves market size is expected to reach $22.1 billion by 2027 - click to expand

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