DiDi Global’s Disastrous Run as U.S.-Listed Stock Set to End on Friday
2022.06.09 19:16
DiDi Global’s (DIDI) Disastrous Run as U.S.-Listed Stock Set to End on Friday
By Investing.com Staff
About one year ago DiDi Global’s (NYSE:DIDI) New York IPO was met with much enthusiasm and fanfare, but now the Chinese ride-sharing company is seeing its American dreams fade away. Friday is expected to be DiDi’s last day trading on the NYSE, according to reports from Nikkei Asia.
The delisting news is not new news. DiDi announced on May 23, 2022, that shareholders overwhelming approved the resolution to delist the ADSs from the NYSE. However, the timing is. The company has not notified shareholders of the exact date of the delisting, although two people familiar with the matter told Nikkei Asia it would be Friday.
The NYSE, for its part, is not talking. When asked if DiDi shares would delist on Friday an NYSE spokesperson said “we do not have a comment on the matter.”
DiDi has had nothing short of a disastrous run as a public company.
After pricing its IPO at $14, shares opened up at $16.65 on June 30, 2021. Shares hit the all-time high of $18.01 that same day but it has been all downhill since – last trading at just $2.37.
Just weeks after the IPO, reports surfaced China was weighing heavy penalties on DiDi due to the U.S. IPO. The Chinese crackdown on the company didn’t relent until recently when on June 6th reports surfaced that China was set to remove the ban on new users and allow its mobile apps to return to domestic app stores.
It is unclear if DiDi Global’s shares will continue to trade on the OTC market after the NYSE delisting.
