Intertape Polymer Group Inc. said Thursday it plans to voluntarily delist its shares of common stock from the New York Stock Exchange, but will continue to list its shares on the Toronto Stock Exchange.
The Canadian maker of plastic and paper packaging products said it thinks the Toronto listing provides shareholders "sufficient liquidity," and noted that the overall trading volume of the company's shares on the NYSE isn't large enough to justify the cost of a dual listing.
The average daily volume of the company's U.S.-listed shares is about 70,000.
Intertape said it expects to notify the NYSE by through a regulatory filing around Nov. 23. The withdrawal should be effective 10 days after the filing, with delisting estimated to occur around Dec. 3.
Shares of Intertape Polymer sank 13 cents, or 7 percent, to close earlier at $1.74.