Steel Partners to Voluntarily Exit NYSE

The shift aims to reduce regulatory obligations as Steel Partners prepares to suspend SEC reporting.

April 14, 2025

Delisting Process Begins with Board Approval

Steel Partners is stepping away from the New York Stock Exchange. On April 11, the company announced it plans to voluntarily delist both its Common Units and its 6.0% Series A Preferred Units. The decision was approved unanimously by the Board, and the delisting process is already in motion.

What to Expect in the Timeline

Here’s what that means. Steel Partners expects the last day of NYSE trading to fall around May 1. Around the same time, the company will file Form 25 with the SEC—formally starting the delisting. Once that takes effect, the company will file Form 15 to suspend its SEC reporting obligations. No more 10-Ks, 10-Qs, or 8-Ks. Full deregistration is expected to wrap up by July 30.

Transitioning to the OTCQX Market

The company isn’t disappearing from public trading—it’s repositioning. Plans are underway to have both classes of units quoted on the OTCQX , a trading platform operated by OTC Markets Group. If all goes according to plan, trading on the OTCQX will begin as early as May 2.

But there are a few caveats. There’s no guarantee that brokers will maintain a market in the company’s units, or that trading will continue without disruption. Steel Partners will need to keep providing timely information to ensure those quotes stay active.

Looking Ahead

This move simplifies the company’s regulatory commitments. It also changes the way investors interact with Steel Partners. By shifting to the OTCQX, the company gains more flexibility in how it operates and reports—while still providing a public market for its securities.

Steel Partners is executing a clear transition plan, with timelines and regulatory filings already mapped out. Investors should prepare for a change in how they access and monitor the company’s units—but the channels will remain open.