Barranquilla, Colombia based Tecnoglass (NASDAQ: TGLS) announced that it has completed its previously-disclosed delisting of its ordinary shares from the Colombia Stock Exchange, the “Bolsa de Valores de Colombia,” upon which the shares listed on that exchange under the ticker symbol “TGLSC” ceased trading.
Tecnoglass is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries,
The Colombia stock listing was secondary to Tecnoglass’ primary listing on the New York based Nasdaq Stock Market (NASDAQ) under the ticker symbol “TGLS”, which now serves as the exclusive exchange to transact Tecnoglass ordinary shares. With over 99% of Tecnoglass shares traded on the NASDAQ over the past two years, the delisting of secondary shares is expected to save on expenses, time and administrative resources associated with the company’s listing on multiple exchanges.
“The completed de-listing marks another step in our U.S. advancement strategy, where we source over 90% of our revenues and now execute the majority of our capital markets transactions. Building on the success of our recent debt refinancing on highly favorable terms through a consortium of mostly U.S and European based lenders, the exclusive listing of our shares on Nasdaq further simplifies our capital structure and we believe best aligns with the interests of our predominantly U.S.-based shareholders,” said Tecnoglass CFO Santiago Giraldo.