US advanced defense technology company Leonardo DRS Inc. (Nasdaq: DRS; TASE: DRS) has announced that it is voluntarily delisting from the Tel Aviv Stock Exchange as of December 31, 2023. The company began trading on the TASE a year ago after acquiring Israeli defense company RADA Electronic Industries Ltd. This is a relatively major delisting for the TASE as Leonardo DRS has a market cap of NIS 16.4 billion. However, the delisting will not impact the indices because Leonardo DRS is not included in them and according to RADA (today a subsidiary of Leonardo DRS) chairman Yossi Ben-Shalom, this is the reason for the delisting. RELATED ARTICLES Leonardo DRS buys Israeli radar co RADA at 34% premium RADA to be first Israeli defense co with US owners To be included in the TASE indices, the public must own at least 20% of the company but only 19% of Leonardo DRS's shares are publicly traded. With only a small distribution of shares the company could reach the 20% threshold but has decided not to do so. RADA develops tactical radar systems and was acquired last year by Leonardo DRS at a company valuation of $775 million. Published by Globes, Israel business news - en.globes.co.il - on September 28, 2023. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
