After a few years in the cold, Overseas Shipholding Group (OSG) is to transfer its stock listing once again to the New York Stock Exchange (NYSE) from the NYSE MKT.
The tanker operator’s common stock is expected to commence trading on the NYSE next Tuesday, June 28.
OSG was formerly quoted on the NYSE until 2012, when it declared bankruptcy and lost its listing.
The company was revived in August 2014 with $1.51bn in funding from a consortium of 10 different private equity firms. Its Class A stock listed on the NYSE MKT in December last year.
“Our return to the NYSE is an important milestone for the company made possible by the hard work of our employees and the support of shareholders,” said Captain Ian T Blackley, OSG’s president and CEO, who will ring the stock exchange’s opening bell next Tuesday.
“We believe listing on the NYSE, one of the world’s most prestigious stock exchanges, will enhance trading liquidity of our common stock and contribute to increasing shareholder value,” Blackley added.
In March, OSG abandoned its plans to raise $100m through an initial public offering of shares on the NYSE.