CI Financial Corp. (TSX:CIX, NYSE:CIXX) (“CI”) announced today that it has submitted a formal notice to the New York Stock Exchange (“NYSE”) of its decision to voluntarily delist its common shares from NYSE. Following the proposed delisting, CI expects that it will suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The common shares will continue to be listed and traded on the Toronto Stock Exchange under the symbol “CIX” and CI will remain a reporting issuer in Canada. The plan for the proposed U.S. delisting was initially outlined in CI’s Q3 2022 corporate earnings communications.

As previously announced, CI intends to undertake an initial public offering of common stock of its U.S. business (the “IPO”). Following the IPO, each of CI’s Canadian and U.S. businesses will be listed in the respective home market where it operates. Given CI’s progress to date in respect of the IPO (including the confidential submission with the U.S. Securities and Exchange Commission (the “SEC”) earlier this month of a draft registration statement in respect of the IPO), the Board of Directors of CI has determined that the continued benefit from a dual listing of CI at this time is outweighed by the costs to CI of being listed on multiple exchanges and filing annual and periodic reports with the SEC.

In order to implement the delisting, CI intends to file a Form 25 with the SEC on or about January 9, 2023. The last day of trading in CI’s common shares on NYSE will be on or about January 19, 2023, when the Form 25 takes effect. CI also intends to file a Form 15 with the SEC on or about January 19, 2023 (the anticipated effective date of the NYSE delisting) to immediately suspend its filing obligations under the Exchange Act, including CI’s requirements to file on a go-forward basis annual reports on Form 40-F and periodic reports on Form 6-K.

CI has not arranged for a listing, registration or quotation of its common shares on another stock exchange or quotation service in the United States.

CI reserves the right, for any reason, to delay its Form 25 and Form 15 filings to delist and deregister, respectively, to withdraw them prior to effectiveness, and to otherwise change its plans in respect of delisting and deregistration in any way.

CI Financial Confirms Intent To Voluntarily Delist From The NYSE And Deregister With The U.S. Securities And Exchange Commission