Last week Sanyo announced it plans to apply for delisting from the Nasdaq (NASDAQ:NDAQ) as well as three regional exchanges in Japan. Its shares will continue to be listed in Tokyo and Osaka. In its press release it said it has "made no arrangements to list its ADSs on another U.S. exchange."
I wrote to the contact listed on the press release asking what will happen to Sanyo's ADR holders and here is the prompt response I received:
"ADR programs relating to our shares are not sponsored by SANYO. Issuances of such ADRs are accordingly conducted independently by the depositary banks who operate those programs. If you have questions regarding the handling or trading of SANYO ADRs after our planned delisting from Nasdaq, please contact the securities broker from whom you purchased your ADRs directly. ADR programs relating to our shares may continue in operation after delisting. We understand that it may be possible for you to trade your ADRs over-the-counter in that event."
Most likely Sanyo's ADRs will continue to trade over-the-counter with a Pink Sheets listing and thus, a '.pk' suffix. A recent example of this is Kirin Brewery's (OTCPK:KNBWY) voluntary delisting and subsequent OTC trading.
Note that a Nikkei Shimbun article from last week said Sanyo will continue to report its financials per SEC regulations, which makes sense because it probably wants to maintain high standards of financial reporting and corporate governance. This is a plus for those that choose to hold onto (or newly invest in) Sanyo's ADRs.
My research shows that Sanyo ADR holders can also contact the Bank of Tokyo-Mitsubishi UFJ which is listed as the custodian of Sanyo's ADRs. Additionally, JPMorgan's ADR Group could be another good source of information specifically for Sanyo and generally for all ADRs.
Sanyo's ordinary shares (Tokyo: 6764) closed Monday unchanged at 250 yen ($10.65 ADR equivalent). On Friday its ADRs closed at $10.65.