China Digital TV has received notification that it must delist its shares from the New York Stock Exchange (NYSE).
Its Depository Shares were suspended on May 16th, and the ‘smart card’ encryption company is in the process of paying a special $1.50 per share dividend which will have the effect of reducing assets and dropping below the NYSE’s threshold. The special dividend will be paid on June 15th.
China Digital TV says it is seeking an alternative listing, and will appeal the decision. During the appeal period and as alternative listing arrangements are put in place, China Digital intends to continue to communicate all material developments to its shareholders through normal channels, such as SEC filings and press releases.