Associated Capital Group, Inc. (NYSE: AC) has announced its decision 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 AC Class A on the OTCQX platform.
The Board of Directors believes that delisting and deregistering the common stock is in the best interest of the company and its stockholders.
Reason for Delisting
To save on significant costs associated with reporting obligations and management time under SEC rules and NYSE listing standards.
Intended Consequence
Redirecting financial and management resources to a wider range of business opportunities post delisting.
Potential Trading Market Changes
No guarantee that trading of the common stock will continue on the OTCQX or elsewhere.
- The decision to delist and deregister will result in substantial cost savings for the company in terms of legal, audit, and management expenses.
- AC aims to focus on providing liquidity to stockholders and exploring new business ventures with freed-up resources.
The move to delist and deregister reflects AC's strategic shift towards optimizing resources and exploring new business avenues. The Board's decision prioritizes the long-term interests of the company and its stakeholders.