Japan Airlines - A WOW Cargo Alliance Member - could delist from the NASDAQ stock exchange as a result from its merger with Japan Air System.
JAL said that its eligibility to list American Depository Receipts on the NASDAQ. It said it would probably lose a special rule which allows it to report results in a Japanese way - not fully compliant in some ways with US Standards (My note: Not to say the Japanese way is inferior - it's just different).
"It is our understanding that the Securities and Exchange Commission will probably not grant 'grandfather' status after the merger and the ADR will lose its standing on Nasdaq," said Kojiro Yamashita, an accountant at Japan Airlines.
"The SEC does not like grandfathered companies as it is a very specific grant to a very specific company," one lawyer said. "JAL's options are either to delist from Nasdaq or become a reporting issuer."
If Japan Airlines continues to list on the NASDAQ, it would have to report it's financial results to a US Standard.
More information at the Financial Times website