HSINCHU, Taiwan, Oct. 28, 2020 /PRNewswire/ -- AU Optronics Corp.
("AUO" or the "Company"; OTC: AUOTY; TWSE: 2409) today announced
that the Company will apply for the deregistration of its American
depositary shares ("ADSs") and underlying ordinary shares with the
United States Securities and Exchange Commission (the "SEC") and
subsequently terminate its reporting obligations under the U.S.
Securities Exchange Act of 1934, as amended (the "Exchange
Act").
The Board of Directors of AUO approved the deregistration of its
ADSs and the underlying ordinary shares under the Exchange Act due
to a number of considerations, including the significant
administrative burden and costs of maintaining the registration of
the ADSs with the SEC and complying with the periodic reporting and
other related obligations of the Exchange Act.
AUO filed a Form 25 with the SEC on September 20, 2019 to delist its ADSs from the
New York Stock Exchange ("NYSE") and transferred to U.S.
over-the-counter market on October 1,
2019. Since AUO has met the criteria for deregistration, AUO
intends to file a Form 15F with the SEC on or about October 28, 2020 to deregister its ADSs and the
underlying ordinary shares under the Exchange Act. Thereafter, all
of AUO's reporting obligations under the Exchange Act will be
suspended unless the Form 15F is subsequently withdrawn or denied.
Deregistration of our ADSs with the SEC and termination of AUO's
reporting obligations under the Exchange Act are expected to become
effective 90 days after its filing of Form 15F with the SEC.
After deregistration, AUO will maintain its ADS program as a
sponsored level I ADS program, which enables American investors and
current holders of AUO ADSs to continue to hold and trade AUO ADSs
in the US over-the-counter market.
Once the Form 15F is filed, AUO will publish the information
required under Rule 12g3-2(b) of the Exchange Act on its website,
www.auo.com. AUO will also continue to comply with its financial
reporting and other obligations as a listed-issuer on the Taiwan
Stock Exchange. As Taiwan
securities laws and regulations have increasingly become more
advanced, international investors can also refer to the Market
Observation Post System (MOPS) for financial and regulatory
information related to AUO.
AUO reserves its rights in all respects to delay or withdraw the
aforementioned filings prior to their effectiveness and will issue
any further announcement if required under applicable laws.
FAQs about ADSs delisting and deregistration:
https://www.auo.com.tw/en-global/Stock_Services/index/Shareholder_and_Service
ABOUT AU OPTRONICS
AU Optronics Corp. ("AUO") is one of the world's leading
providers of optoelectronic solutions. Based on its profound
R&D and manufacturing experience, AUO offers a full range of
display applications and smart solutions integrating software and
hardware, and leverages its core expertise to enter new
business areas such as solar, smart retail, general health,
circular economy and smart manufacturing service. Additionally, AUO
has also been named to the Dow Jones Sustainability World Index
since 2010. AUO's consolidated net revenues in 2019 were
NT$268.79 billion. For more
information, please visit AUO.com.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TWSE: 2409), a
global leader of TFT-LCD panels, today announced the above news.
Except for statements in respect of historical matters, the
statements contained in this Release include "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on our
management's expectations, projections and beliefs at the time
regarding matters including, among other things, future revenues
and costs, financial performance, technology changes, capacity,
utilization rates, yields, process and geographical
diversification, future expansion plans and business strategy. Such
forward looking statements are subject to a number of known and
unknown risks and uncertainties that can cause actual results to
differ materially from those expressed or implied by such
statements, including risks related to the flat panel display
industry, the TFT-LCD market, acceptance of and demand for our
products, technological and development risks, competitive factors,
and other risks described in the section entitled "Risk
Factors" in our Annual Report on Form 20-F filed with the United
States Securities and Exchange Commission on March 27, 2020. In addition, our SEC
reports, including our Annual Report on Form 20-F contains other
information on these and other factors that could affect our
financial results and cause actual results to differ materially
from any forward-looking information we may
provide. We undertake no obligation to update or revise
any forward-looking statements to reflect subsequent events, new
information or future circumstances.
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SOURCE AU Optronics Corporation