Steel Partners Holdings L.P., a diversified global holding company, has completed its voluntary delisting from the New York Stock Exchange (NYSE) and begun trading on the OTCQX Best Market as of May 2, 2025. The company’s common and Series A preferred units now trade under the symbols “SPLP” and “SPLPP” respectively on the OTCQX platform.
The decision to leave the NYSE and deregister from the Securities Exchange Act of 1934 reporting requirements was driven by a desire to reduce the financial and administrative burdens associated with maintaining a listing on a major exchange. According to statements from Steel Partners Holdings L.P. (formerly NYSE: SPLP), the Board of Directors carefully weighed the costs and complexities involved before initiating the delisting process in late April, with the final NYSE trading day occurring on or about May 1, 2025.
Once the company files a Form 15, its obligations to file reports such as Forms 8-K, 10-Q, and 10-K will be suspended or terminated, with full deregistration expected by the end of July 2025.
OTCQX is the top tier of the OTC Markets, designed for established, investor-focused U.S. and international companies. The platform provides a cost-effective and efficient alternative to national exchanges, with streamlined requirements that help companies lower operational complexity while maintaining high financial standards, best practice corporate governance, and compliance with securities laws.
For investors, OTCQX offers transparent trading, real-time Level 2 quotes, and access to current financial disclosures through the OTC Markets website. While the move may reduce institutional investor access and potentially lower trading volumes, it allows companies like Steel Partners to remain publicly traded without the higher costs and regulatory demands of a major exchange.
The market response to Steel Partners’ delisting was immediate, with shares dropping 17% to $30.50 following the announcement, marking a roughly 20% decline over the past year. Despite this, the company continues to show strong financial health, reporting $2.03 billion in revenue over the last twelve months and a gross profit margin of 38.4%. With a price-to-earnings ratio of just 3.06, some analysts view the company as undervalued at current levels. The Company’s stock is currently trading at $35.00.
Steel Partners Holdings L.P. operates a diverse portfolio spanning industrial products, energy, defense, supply chain management, logistics, banking, and youth sports. The company emphasizes a corporate culture built on teamwork, respect, integrity, and commitment, and remains focused on increasing profitability and shareholder value.
Steel Partners’ transition to OTCQX marks a significant change in its approach to public markets, prioritizing cost efficiency and regulatory flexibility. While the move may be seen as a step down in market prestige, it positions the company to continue serving shareholders and operating its broad portfolio of businesses with fewer administrative hurdles.
