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Hong Kong Stock Exchange to delist IPI on February 22nd

February 13, 2024 Saipan Crime & Legal

The Hong Kong Stock Exchange’s Listing Review Committee has decided to delist Imperial Pacific International, notifying the company that its share-listing rights would expire on February 22nd.

Imperial Pacific International (IPI) expressed displeasure with the decision in a dispatch dated February 7, stating that it was unsatisfactory to investors and the company overall. The corporation intends to speak with legal counsel before requesting permission from the High Court of Hong Kong to start a judicial review of this decision.

Even in the event that a court review is initiated, there is no assurance that the company won’t be delisted. The Hong Kong High Court may or may not grant permission for judicial review, and even if it does, the review may or may not be successful.

In a later filing with the stock market, the Hong Kong Stock Market notified the business that “the last day of listing of the Shares will be 21 February 2024, and the listing of the Shares will be canceled with effect from 9:00 a.m. on 22 February 2024.”

IPI share trading has been halted since April 2022. The business is juggling several winding-up proceedings and demands from investors totaling millions of dollars from the US to Hong Kong.

IPI also owes the Commonwealth of Northern Mariana Islands (CNMI) an estimated $62 million in overdue casino licensing payments, which is almost four years’ worth of license fees, which puts its future in jeopardy.

Original story by: Asia Gaming Brief

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