8-K: Steel Partners Holdings to Voluntarily Delist from NYSE and Deregister with SEC

Steel Partners Holdings L.P. (SPLP) announced its intention to voluntarily delist its Common Units and Series A Preferred Units from the New York Stock Exchange (NYSE) and deregister with the Securities and Exchange Commission (SEC).

Summary

• Steel Partners Holdings L.P. (SPLP) has announced its decision to voluntarily delist its Common Units and 6.0% Series A Preferred Units from the NYSE.
• The company also intends to deregister under Section 12(b) of the Securities Exchange Act of 1934.
• The Board of Directors of the General Partner of SPLP approved resolutions to authorize the delisting and deregistration on April 10, 2025.
• Following the delisting, SPLP expects its Units to be quoted on the OTCQX platform.
• SPLP plans to file a Form 25 with the SEC on or about April 21, 2025.
• The last day of trading on the NYSE is expected to be on or about May 1, 2025.
• SPLP will file a Form 15 on or about May 1, 2025, which will suspend or terminate its filing obligations under the Exchange Act.
• The deregistration of the Units is expected to become effective on July 30, 2025.
• SPLP has applied to have its Common Units and Series A Units quoted on the OTCQX platform, with trading expected to begin on or about May 2, 2025.
• There is no guarantee that a broker will continue to make a market in the Units or that trading will continue on the OTCQX.

Sentiment

Score: 5

Explanation: The announcement is neutral in sentiment. It's a strategic decision to delist and deregister, which could have both positive (cost savings) and negative (reduced visibility) implications.

Negatives

• There is no guarantee that a broker will continue to make a market in the Units after the delisting.
• Trading of the Units on the OTCQX platform is not guaranteed.

Risks

• The Units may not be quoted on the OTCQX platform.
• Brokers may not quote the Units.
• Brokers may no longer hold the Units upon delisting and/or deregistration.

Future Outlook

SPLP expects to have its Units quoted on the OTCQX platform following the delisting from the NYSE, but there is no guarantee that this will occur or that brokers will continue to make a market in the Units.

Industry Context

Companies sometimes delist from major exchanges to reduce compliance costs and administrative burdens, especially if the trading volume doesn't justify the expense of maintaining the listing. Moving to the OTCQX can provide continued trading for investors, but typically with less regulatory oversight.

Key Dates

Keywords

delisting, deregistration, OTCQX, NYSE, Steel Partners, SPLP, Common Units, Series A Preferred Units