NYSE Files Form 25 to Delist Cadeler ADSs; Shares Close Down 71%

What happened

The New York Stock Exchange filed a Form 25 with the Securities and Exchange Commission on November 5, 2026, to strike Cadeler A/S American Depositary Shares from listing and registration, according to the filing. Each ADS represents four shares of common stock.

The same day, Cadeler's ADSs closed at $7.40, down 71.36% from the prior close of $25.84, according to the price data.

The filing does not state why the securities are being removed. The Form 25 shows checkboxes for the exchange's own compliance with its delisting rules under 17 CFR 240.12d2-2(b) and for an issuer's voluntary withdrawal under 17 CFR 240.12d2-2(c), but the extracted text does not make clear which provision was relied upon, and the filing itself gives no reason.

The company

Cadeler A/S is registered with the SEC as a foreign private issuer in the "Deep Sea Foreign Transportation of Freight" category. Its principal executive offices are at Kalvebod Brygge 43, Copenhagen V, Denmark, according to the filing.

What this means

A Form 25 is the notification that removes a security from an exchange listing and, under Section 12(b) of the Securities Exchange Act of 1934, from the registration that came with that listing. Either the company or the exchange can file it. Here the filer is the NYSE itself, signed by Anthony Sozzi, an analyst in the exchange's Market Watch group.

The distinction matters for the reader: a Form 25 filed for common stock or, as here, for American Depositary Shares that trade in place of common stock, is a major event. It is different from a Form 25 filed for debt securities such as notes reaching maturity, which is routine repayment housekeeping. The security named on this form is the ADS, the equity-linked instrument.

An American Depositary Share is a US-listed certificate representing shares of a foreign company held by a depositary bank; Cadeler's ADSs each represent four ordinary shares. Delisting the ADS does not by itself alter the underlying Danish shares, which trade on a non-US venue. The filing says nothing about what happens to the underlying shares or whether the company intends to maintain a US over-the-counter quotation.

The form cites Rule 12d2-2, which sets out the grounds and procedure for striking a class of securities from listing. The price data show a 71% one-day decline in the ADS, but the sources provided do not establish whether that move is the cause of the delisting, a consequence of it, or unrelated; no explanation is offered in the filing.