Old CDLR ADS Stopped Trading: Where Are Your 4 New Cadeler Shares?

Cadeler A/S’s old American Depositary Shares (ADSs), which traded on the NYSE under CDLR, were suspended from trading before the market opened on November 5, 2026, as part of the company’s move from Denmark to the UK. The replacement Cadeler plc ordinary shares began trading on the NYSE under the same ticker, CDLR, on that date, but they are a different security with a new CUSIP, G17445 100. For holders who validly tendered their old ADSs in the exchange offer, the conversion economics are four new Cadeler plc shares for each old ADS because one ADS represented four Cadeler A/S shares and each old share was exchangeable for one new plc share. Investors who did not tender are in a different process: Cadeler plc has now initiated a compulsory acquisition of the remaining Cadeler A/S shares at NOK 58.42 per old share, with the statutory period ending December 7, 2026.

The immediate question for an old CDLR ADS holder is not simply why the ticker still appears as CDLR. It is whether the old ADS position was validly tendered and exchanged, or whether the underlying Cadeler A/S shares remain in the untendered minority pool subject to the compulsory acquisition. The new CDLR ticker does not, by itself, prove that an old ADS position has converted into new Cadeler plc shares.

Old CDLR ADS stopped trading: what changed on November 5?

Cadeler completed the voluntary share exchange connected with its redomiciliation from Denmark to the United Kingdom. The old parent, Cadeler A/S, was replaced at the top of the group by Cadeler plc. The operating business continued under the new parent, but the security held by investors changed: the new Cadeler plc shares began trading on the NYSE and Oslo Stock Exchange on November 5, 2026.

The company’s November 5 Form 6-K confirms that the new Cadeler plc shares trade on the NYSE under ticker CDLR with CUSIP G17445 100 and on the Oslo Stock Exchange under ticker CDLR with ISIN GB00BN49H029. The old Cadeler A/S ADS trading was suspended before the NYSE market opened on November 5. Cadeler said the old ADSs would be delisted from the NYSE 10 days after suspension and that the old American Depositary Receipt programme would be terminated.

The same ticker can make the transition confusing in brokerage apps. CDLR may appear in the account before, during or after the broker processes the corporate action, but the ticker alone does not identify whether the displayed line represents the old ADS, the new plc ordinary share or a pending corporate-action entry. The CUSIP and security description are more useful identifiers when asking a broker to trace the position.

How many new Cadeler shares should one old CDLR ADS receive?

The exchange offer provided one Cadeler plc share for each Cadeler A/S ordinary share. Each old Cadeler A/S ADS represented four Cadeler A/S ordinary shares. Therefore, an old ADS that was validly tendered and accepted corresponds to four Cadeler plc ordinary shares.

For example, a holder who validly tendered 10 old CDLR ADSs would have an exchange entitlement to 40 Cadeler plc ordinary shares. This is a conversion calculation, not a promise that every account showing 10 old ADSs will automatically receive 40 new shares. The offer applied to securities validly tendered and not validly withdrawn, and the company’s completion announcement says shareholders who tendered have received Cadeler plc shares.

The offer achieved acceptance of approximately 92.06% of Cadeler A/S’s outstanding shares and voting rights. The company reported that 355,404,839 old shares were validly tendered, including 11,156,931 old shares represented by ADSs. The remaining approximately 7.94% were not tendered and are covered by the compulsory-acquisition process.

Did your old ADS convert, or is it covered by the compulsory acquisition?

This is the key distinction for investors who still cannot identify the replacement holding. If the old ADS was validly tendered and accepted, the holder belongs to the exchange-offer route and should reconcile the expected new ordinary-share entitlement with the broker, custodian or exchange agent. If the old ADS was not tendered, or the underlying shares were not validly exchanged, the position falls into the remaining Cadeler A/S minority holding that Cadeler plc is now acquiring compulsorily.

On November 9, Cadeler plc published the statutory notice initiating compulsory acquisition under sections 70 and 72 of the Danish Companies Act. The notice formally requests remaining Cadeler A/S shareholders to transfer their old shares to Cadeler plc by 11:59 p.m. CET on December 7, 2026. The stated cash redemption price is NOK 58.42 for each old Cadeler A/S share. After the period expires, Cadeler plc says it will compulsorily acquire the remaining shares against payment of the aggregate redemption price.

The NOK 58.42 amount is per old Cadeler A/S ordinary share, not per ADS. Since one ADS represented four old shares, four times the stated share price is NOK 233.68 as a simple gross arithmetic equivalent for the four underlying shares. That figure should not be treated as a guaranteed net payment to an ADS holder. The amount ultimately passed through to an ADS holder may depend on the depositary’s procedures, custody chain, fees, taxes, currency conversion and the terms governing the ADS programme. The statutory notice and the holder’s broker or depositary instructions must be checked before relying on any account-level cash estimate.

What should an investor do if the new CDLR shares are missing?

First, check the transaction history rather than relying only on the current portfolio line. Look for the old Cadeler A/S ADS quantity, any tender or exchange instruction, a corporate-action confirmation, and any new Cadeler plc share credit. The expected entitlement for a successfully exchanged position is four new ordinary shares for each old ADS. If the broker cannot identify the processing status, ask it to confirm in writing whether the old ADSs were tendered and accepted, whether the exchange agent processed the instruction, and whether the account is awaiting delivery of the new ordinary shares.

Cadeler’s filings identify Computershare Inc. as the exchange agent and Georgeson LLC as the information agent in the United States for ADS holders. The compulsory-acquisition notice identifies DNB Carnegie as settlement agent. A retail holder whose ADSs are held through a broker or nominee should not assume that they can submit an instruction directly in the same way as a registered shareholder. The statutory notice says holders whose shares are registered in the name of a custodian, broker, dealer, bank, trust company or other nominee must contact that intermediary if they wish to accept the compulsory acquisition.

Broker-specific processing for this exact Cadeler corporate action has not been independently verified for platforms such as Interactive Brokers, INDmoney, Vested or other intermediaries. The company’s completion announcement confirms the exchange outcome at issuer level, but it does not guarantee the time or wording of the entry shown by each broker. If an old ADS still appears in the app, that display is not proof that the old security remains tradable; NYSE trading in the old ADSs was suspended on November 5.

What is confirmed and what remains account-specific?

The company has confirmed the new Cadeler plc listing, the new security identifiers, the four-underlying-share ADS ratio, the suspension of old ADS trading and the compulsory-acquisition price and deadline for remaining old shares. What cannot be established from the public filings alone is whether a particular retail account’s ADSs were validly tendered, whether its broker has completed the corresponding credit, or how any compulsory-acquisition proceeds will be routed through that account.

Frequently asked questions

Why did my old CDLR ADS stop trading?

Cadeler suspended trading in the old Cadeler A/S ADSs on the NYSE from before market open on November 5, 2026, as part of the redomiciliation and share-exchange transaction. The old ADS programme is being terminated, while the replacement Cadeler plc ordinary shares trade under the same CDLR ticker.

How many Cadeler plc shares do I get for one old CDLR ADS?

One old ADS represented four Cadeler A/S ordinary shares. The exchange offer provided one Cadeler plc share for each old ordinary share. Therefore, one old ADS validly tendered and accepted corresponds to four new Cadeler plc ordinary shares.

What is the new CDLR CUSIP?

The new Cadeler plc ordinary shares trading on the NYSE use CUSIP G17445 100. Their ISIN is GB00BN49H029. These identifiers refer to the replacement ordinary shares, not the old Cadeler A/S ADSs.

What if I did not tender my old Cadeler ADSs?

The underlying Cadeler A/S shares that were not exchanged are included in the remaining minority holding targeted by Cadeler plc’s compulsory acquisition. The November 9 statutory notice sets a cash redemption price of NOK 58.42 per old Cadeler A/S share and a deadline of December 7, 2026, at 23:59 CET. ADS holders should obtain instructions from their broker or depositary because the underlying shares are held through the ADS structure.

Is the NOK 58.42 payment per ADS or per share?

It is per old Cadeler A/S ordinary share. Since one ADS represented four old shares, NOK 233.68 is the simple gross arithmetic equivalent for the four underlying shares. It is not a guaranteed net ADS payment; depositary processing, fees, taxes and currency conversion may affect the amount received.

When will the compulsory-acquisition cash be paid?

The statutory notice says settlement is expected after the four-week compulsory-acquisition period expires on December 7, 2026. The notice indicates settlement is expected around December 10, 2026. The actual timing for an ADS holder may depend on the depositary, custodian and broker processing chain.

Can I still trade the old CDLR ADSs?

No. Trading in the old Cadeler A/S ADSs was suspended on the NYSE with effect from November 5, 2026. The replacement Cadeler plc ordinary shares trade under CDLR, but they are not the old ADS security.

For an investor who held the old CDLR ADSs, the decisive check is whether the ADSs were validly tendered and exchanged. A successful exchange corresponds to four Cadeler plc ordinary shares per old ADS; an untendered position is instead subject to the compulsory-acquisition process at NOK 58.42 per underlying old share, with the statutory period ending December 7. The same ticker can conceal two different securities and two different outcomes, so shareholders should use the security identifiers and written broker or depositary confirmation rather than the ticker label alone.