"China Marine Food Group Limited Announces Going Dark and Voluntary Delisting from NYSE MKT" ($CMFO)
This is one possibility for "troubled" Chinese companies lingering on U.S. exchanges:
"China Marine Food Group Limited (NYSE MKT: CMFO), a manufacturer of Mingxiang® seafood-based snack foods, Hi-Power® marine algae-based beverages and a distributor of frozen marine catch, today announced that, on October 21, 2013, its board of directors concluded that voluntarily delisting the Company's common stock from the NYSE MKT and voluntarily deregistering from the reporting requirements of the Securities Exchange Act of 1934, as amended, are in the best interests of the Company.
It is expected that delisting will take effect on or about November 11, 2013, and at that time the Company's shares will no longer be traded on the NYSE MKT.
The Company's board of directors determined, after careful consideration, that voluntarily delisting and deregistering is in the overall best interests of the Company. The following factors were considered, in addition to others, by the board of directors in taking this action:
the cost savings that may be realized by the Company as a result of the elimination of its obligation to file reports with the SEC;
avoidance of costs and management's attention which are required in order to comply with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder;
the benefit of reallocating management personnel to devote greater attention to the Company's long-term financial results rather than short-term market concerns; and
release of the Company from the reporting obligations of being an Exchange Act reporting Company."
1 comment:
Voluntary delisting and going to the pink sheets would be a bad outcome for short equity holders of STP.
The pink sheets/OTC markets are a license to steal.
Many companies during the China reverse merger era still trade on the pinks with inflated values.
Look at the history for China Medical Tech (CMEDY)
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