ATCOL 7.95% Series D Preferred set for NYSE removal per Form 25

Rhea-AI Filing Summary

Atlas Corp. (symbol: ATCOL) has submitted a Form 25 through the New York Stock Exchange to remove its 7.95% Series D Cumulative Redeemable Perpetual Preferred Shares from listing and registration under Section 12(b) of the Exchange Act. NYSE states it has met the requirements of Rule 12d2-2(b), confirming procedural compliance for striking the security. Once the Form 25 becomes effective, the preferred shares will no longer trade on the NYSE, which may reduce liquidity and exchange oversight for existing holders. The filing does not disclose the effective delisting date, redemption details, or the company’s rationale, and it contains no financial metrics or earnings data.

Positive

• None.

Negative

• Delisting of the 7.95% Series D preferred shares from the NYSE eliminates exchange liquidity and oversight, potentially widening spreads and reducing transparency for investors.

Insights

Financial Analyst

TL;DR: Atlas Corp.’s Series D preferred delists from NYSE; liquidity drops, but no financial data or redemption terms revealed—impact modestly negative.

The Form 25 signals that ATCOL’s 7.95% Series D preferred shares will disappear from NYSE screens. Exchange-level liquidity, price transparency and regulatory oversight typically decline after delisting, which can pressure trading spreads and investor demand. However, the filing gives no evidence of underlying credit deterioration or missed distributions. Because no redemption or conversion terms are stated, the long-term impact depends on whether the company redeems the issue or it trades OTC. Absent that clarity, I regard the event as incrementally negative for holders yet not materially detrimental to Atlas Corp.’s overall credit profile.

Corporate Governance Expert

TL;DR: Routine Form 25 filing; NYSE certifies rule compliance, but lack of rationale limits transparency—governance impact neutral.

From a governance standpoint, the key takeaway is procedural: NYSE relies on Rule 12d2-2(b) and certifies compliance. Atlas Corp. provided the required issuer information but did not articulate why it sought delisting. While that omission curtails disclosure quality, it does not automatically imply wrongdoing. Investors should monitor subsequent 8-K or press releases for redemption or restructuring details to assess broader governance implications.

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-39237

Issuer:	Atlas Corp.
Exchange:	NEW YORK STOCK EXCHANGE LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	200 Granville Street, Suite 2600
	Vancouver		V6C 1S4
Telephone number:					(604) 638-2575

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

7.95% Series D Cumulative Redeemable Perpetual Preferred Shares

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, NEW YORK STOCK EXCHANGE LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-07-10	By	Tyler Mastronardi		Analyst, Market Watch
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did Atlas Corp. file Form 25 for its 7.95% Series D preferred shares?

The filing seeks to remove the shares from NYSE listing and registration under Section 12(b); no specific rationale is provided in the document.

Which rule did NYSE cite to strike ATCOL’s Series D preferred from listing?

The exchange certified compliance with 17 CFR 240.12d2-2(b) for delisting and deregistration.

Does the Form 25 indicate a full redemption of the preferred shares?

No. The document only covers delisting; it includes no redemption terms or timetable.

How will delisting affect liquidity for ATCOL preferred shareholders?

Once delisted, shares will no longer trade on NYSE, typically resulting in reduced liquidity and price transparency.

Is an effective delisting date provided in the filing?

The text does not specify the exact effective date; investors should watch for follow-up notices.