Display and graphics-card developer Image Systems of Minnetonka, MN, has applied to the U.S. Securities and Exchange Commission to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
As a result of the filing, the company’s obligation to file with the SEC certain reports and forms, including Forms 10-K, 10-Q, and 8-K, will immediately cease. The vendor’s securities will no longer be eligible for quotation on the Over The Counter Bulletin Board. Image Systems expects the deregistration to become effective within 90 days of the filing with the SEC.
Image Systems explained the move by saying it would be able to better focus on long-term shareholder value by operating as a private company. The firm cited the costs of operating as a public company as a reason for its decision, with such costs including the filing of reports with the SEC and complying with the Sarbanes-Oxley Act of 2002. The company also cited lack of analyst coverage and thin trading in its stock as other reasons for withdrawing from the public market.
By AuntMinnie.com staff writersJuly 23, 2003
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