Stepan Company To Continue Trading On The New York Stock Exchange And Will Discontinue Trading On The Chicago Stock Exchange
NORTHFIELD, Ill., March 15, 2013 /PRNewswire/ -- Stepan Company (the "Company") (NYSE: SCL and SCLPR; CHX: SCL and SCLPR) announced today that it has applied to voluntarily withdraw its common stock and 5 1/2% convertible preferred stock (collectively, the "Securities") from listing on the Chicago Stock Exchange, Inc. (the "CHX") pursuant to Rule 4(b) of Article 22 of the CHX and Rule 12d2-2(c) of the Securities Exchange Act of 1934.
The Company's decision to withdraw its Securities from listing on the CHX is based on the limited trading volume of its Securities on the CHX and the Company's desire to eliminate the duplicative cost and administrative burden required to maintain listings on both the New York Stock Exchange (the "NYSE") and the CHX.
The Company currently anticipates that it will file a Form 25 with the U.S. Securities and Exchange Commission on or about March 25, 2013 to commence the delisting process. It is expected that the delisting will take effect on or about April 4, 2013. Following the delisting, the Company's Securities will no longer trade on the CHX. The Company's Securities will continue to trade on the NYSE under the symbols "SCL" and "SCLPR."
ABOUT STEPAN COMPANY
Stepan Company, headquartered in Northfield, Illinois, is a leading producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation related products. For more information about Stepan Company, please visit the Company online at www.stepan.com.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Stepan Company's Form 10-K, Form 8-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to), prospects for our foreign operations, foreign currency fluctuations, certain global and regional economic conditions, the probability of future acquisitions and the uncertainties related to the integration of acquired businesses, the probability of new products, the loss of one or more key customer or supplier relationships, the costs and other effects of governmental regulation and legal and administrative proceedings, including the expenditures necessary to address and resolve environmental claims and proceedings, and general economic conditions. These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Stepan Company