Associated Capital Group, Inc. (NYSE: AC) has decided to voluntarily delist its Class A common stock from the NYSE and deregister under Section 12(b) of the Securities Exchange Act of 1934.
The company plans to provide liquidity to its Class A stock shareholders by listing on the OTCQX platform following the de-listing from the NYSE.
The decision to delist and deregister is seen as a strategic move to redirect financial and management resources to wider business opportunities.
Delisting and Deregistration
AC formally notified the NYSE of its intention to delist its common stock and deregister under the Exchange Act.
Impact on Reporting Obligations
Upon delisting and deregistration, AC's filing obligations under the Exchange Act will be suspended or terminated.
Board's Rationale
The Board believes that the cost savings and reduced administrative burden justify the delisting and deregistration decisions.
- The delisting and deregistration will lead to significant cost savings for AC by eliminating the need to file periodic reports with the SEC.
- AC aims to streamline its operations and redirect resources towards exploring new business opportunities and strategic initiatives.
- While trading on the OTCQX platform is planned, there is no guarantee of continued market activity for the common stock.
The strategic decision to delist and deregister reflects AC's commitment to maximizing value for its stockholders and optimizing resource allocation for future growth.