Cool Company Ltd, the LNG shipping joint venture owned by Eastern Pacific Shipping, one major shareholder and investors who bought into an initial public offering, is moving forward with plans for a listing on the New York Stock Exchange and will require a temporary trading suspension.
CoolCo is becoming a speciality LNG fleet owner after arranging the phased acquisition of the company’s initial eight tri-fuel, diesel-electric (TFDE) LNG carriers in 2022.
There was then also a subsequent asset acquisition of four LNG carriers on November 10, 2022, from an affiliate of Eastern Pacific Shipping.
Prior to the listing on the NYSE, Coolco additionally altered its ownership structure as Golar LNG sold its stake.
Prior to February 28, CoolCo's 53.68 million shares were split between 26.79M (49.9 percent) owned by Eastern Pacific, 22.43M (41.8 percent) publicly owned after the IPO and 4.46M shares (8.3 percent) held by Golar LNG Ltd.
Golar LNG then announced that it had sold 4.46M shares in CoolCo to Mi Hong Yoon, a member of the CoolCo board, at a price of 130 Norwegian crown ($12.5) per share and a total of over $55 million.
Coolco said that regarding the previous public filing of a registration statement with the US Securities and Exchange Commission to list its common shares on the NYSE, the US regulatory review process has concluded.
“However, following this, the company has filed an acceleration request asking the SEC to declare its registration statement effective on March 14, 2023,” CoolCo explained.
Alterations
“In connection with the listing of the company’s shares on the NYSE and to facilitate the transfer of the company’s shares between the NYSE and Euronext Growth Oslo, the company will amend the registration structure for its shares,” said Hamilton, Bermuda-headquartered CoolCo.
The company noted that a trading suspension of the shares would be required in connection with the re-registration process.
Further, the company will change its ticker code on Euronext Growth Oslo from “COOL” to CLCO” when trading resumes following the trading suspension.
Coolco is currently finalizing the administrative processes in relation to the re-registration.
“Once these processes are concluded, the company will confirm the dates for the expected trading suspension and the listing date,” it added.
