Plans to refloat ARM Holdings plc (LSE:LON:ARM) in London next year have been postponed due to political turmoil in the UK, meaning an initial public offering will only take place in New York.
Following the resignation of Boris Johnson as Prime Minister earlier this month, which saw investment minister Gerry Grimstone and digital minister Chris Philp both leave their posts, this led ARM parent SoftBank to halt discussions about the UK-based company's London listing plans.
Reports indicate both officials played key roles in talks with the Japanese tech investor, with SoftBank set to pursue a single listing in the US.
In June, SoftBank founder Masayoshi Son told shareholders he supported a US listing of the company because most of its clients are based in the US.
Son has consistently said he wants to take ARM public in the US because of its deep investor base and attractive valuations, though a London listing was considered, in part due to political appeals.
ARM, which the Japanese company acquired for US$32bn in 2016, is based in Cambridge, England and was one of the UK’s most important technology companies before the purchase.
Johnson's government lobbied hard for ARM to float in the UK after SoftBank's deal to sell ARM to NVIDIA (NASDAQ:NVDA) tumbled over regulatory hurdles.
Many of the world's smartphones, including those from Apple Inc (NASDAQ:AAPL) and Samsung Electronics Co Ltd (ADR) (LSE:BC94) (LON:0593xq), are powered by ARM chips.