Ferrovial has already managed to resolve the “material weaknesses” that the US market supervisor, the SEC, had detected and is finally in a position to begin trading on the New York Stock Exchange, in the Nasdaq index.
The company has communicated that its expectation is that the shares will debut on the new market on May 9 or around that date if it is not possible to do so on that day. With this move, its securities will be traded simultaneously in the United States, Spain and the Netherlands, where the company moved its headquarters last year.
Once the regulatory review process of the registration form by the SEC has concluded, Ferrovial has submitted an acceleration request to the supervisor for the registration to be declared effective on May 8.
The shares will be listed under the symbol FER, the same as in Spain and the Netherlands. “Our listing with common shares on the Nasdaq is the first for an Ibex 35 company and is the fruit of years of dedication to creating innovative infrastructure solutions for American communities,” says the company's president in a note. Rafael del Pino.
Ferrovial maintains that 80% of the value of its shares currently comes from its businesses and projects in North America. 71% of the investments it made last year came from the US market.
By listing in New York, it aims to have a broader base of investors. In its reports to the SEC, it cites risks such as those associated with the process of selling its 25% in Heahtrow or possible tax burdens in Spain associated with the change of registered office.
The “material weaknesses” that the company has had to resolve in its IPO process in New York have to do with its control systems and the difficulties in adapting its reporting protocols to the US model in accordance with the requirements of US law. Sarbanes-Oxley.
