ACME Communications is moving to voluntarily delist its stock from Nasdaq and deregister its stock, eliminating the need to make SEC fiings. “The decision to voluntarily delist and deregister the common stock is a cost savings step that will reduce expenses associated with compliance efforts as well as listing fees, professional fees and other administrative costs. The common stock is thinly traded and the Company does not believe the benefits of having its common stock listed and registered outweigh the costs. Management believes the expense reductions will allow it to maximize shareholder value,” ACME said in announcing the moves.
The company plans to file the delisting form around October 24th, becoming effective 10 days later. Thus, Monday, November 3rd is expected to be the last day the stock will trade on the Nasdaq Global Market. ACME says is eligible to delist and deregister because it has fewer than 300 record holders of its common stock.
“The Company intends to continue reporting its quarterly and annual financial results in press releases and on its website, and to report to its shareholders in accordance with Delaware law and its Bylaws. The Company anticipates that following delisting its common stock will be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the Company’s stock. However, the Company can give no assurance that trading in its stock will continue in the Pink Sheets or in any other forum,” ACME said in the statement issued after the market closed yesterday.