Creative Technology has postponed plans to delist from the Nasdaq stock exchange until August 31, saying it wants to give investors more time to sell off their shares.
Creative had originally planned to delist its shares from Nasdaq on August 1, citing the financial burden of complying with US securities laws. In addition, Creative noted less than 10 per cent of the trading volume in its shares takes place on Nasdaq, with most trading done at the Singapore Exchange, where the company has a secondary listing.
Creative, which makes MP3 players and PC sound cards, has wanted to pull out of the U.S. stock market for several years. In 2003, the company announced plans to delist from Nasdaq, saying its trading volume was low. However, those plans were never realized.
Shareholders will be able to trade Creative shares on Nasdaq until August 31. After that time, investors can transfer remaining shares to the Singapore Exchange, which will become the company's sole listing, it said.