TotalEnergies’ Strategic Shift: Converting ADRs to NYSE-Listed Ordinary Shares
On September 24, 2025, TotalEnergies’ Board of Directors made a pivotal decision: to convert American Depositary Receipts (ADRs) into ordinary shares listed on the New York Stock Exchange (NYSE). This strategic move reflects a significant adaptation to the company’s evolving shareholder landscape, where North American investors are increasingly prominent.
The conversion aims to address several key objectives. Firstly, it eliminates the friction associated with ADRs, streamlining the investment process for institutional funds. Secondly, it expands access to TotalEnergies’ Assets Under Management (AUM), making it more accessible to a broader range of investors. Lastly, it enhances trading liquidity, potentially attracting more traders and increasing market activity.
The process commenced on October 30, 2025, with the termination of the deposit agreement between TotalEnergies, JP Morgan Chase Bank, N.A. (the depositary), and the ADR holders. This termination is a crucial step, as it leads to the cancellation of outstanding ADRs and the issuance of NYSE-listed ordinary shares.
The conversion is set to become effective from December 8, 2025. This timeline allows for a smooth transition, ensuring that investors can easily switch from holding ADRs to ordinary shares. For those interested in learning more, detailed information is available online, including an expected timetable and frequently asked questions, providing transparency and clarity throughout the process.