AUO to delist from NYSE

AUO plans to voluntarily delist its American depositary shares (ADS) from the New York Stock Exchange (NYSE), and will pursue a listing of its ADSs on the over-the-counter market, according to the company. The Taiwan-based LCD panel maker also named Frank Ko as its new president and COO, with the appointment to take effect on September 10.

AUO said its board of directors approved the delisting of its ADSs from NYSE due to a number of considerations, including the significant administrative burden and costs of maintaining the listing of the ADSs on the NYSE and the registration of the ADSs with the US Securities and Exchange Commission (SEC) and complying with the periodic reporting and other related obligations of the Exchange Act.

After delisting its ADSs from the NYSE, AUO said it intends to maintain its ADS program as a sponsored level I ADS program, which will enable American investors and current holders of AUO ADSs to continue to hold and trade AUO ADSs in the US over-the-counter market.

Once AUO has met the criteria for deregistration, AUO said it intends to file a Form 15F with the SEC 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all of AUO's reporting obligations under the Exchange Act will be suspended unless the Form 15F is subsequently withdrawn or denied.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 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.

AUO said its board of directors also appointed Frank Ko as president and CEO, with Michael Tsai stepping down as president.

AUO said Ko has extensive experience in the display industry, gained through two decades of involvement in the display field. He joined AUO's technology division in 2000. In 2007, he was appointed associate vice president of the TV Display Business Unit. In 2010, he was promoted to vice president of the TV Display Business Group.

In 2011, he assumed the position of vice president of Technology & Strategic Development Office, responsible for the company's advanced technology roadmap and strategic planning. Ko also served as chairman of E Ink Holdings.