Associated Capital Group, Inc. (NYSE: AC) has announced its intention to voluntarily delist its Class A common stock from the New York Stock Exchange (NYSE) and deregister under Section 12(b) of the Securities Exchange Act of 1934.
The company plans to provide liquidity to AC's Class A stock shareholders by listing AC Class A on the OTCQX platform after delisting from the NYSE.
The decision to delist and deregister comes as the Board of Directors believes it is in the best interest of the Company and its stockholders, citing significant cost savings and redirection of financial and management resources.
Delisting and Deregistration
AC intends to delist its common stock from the NYSE and deregister under the Securities Exchange Act of 1934, redirecting resources to new business opportunities.
Board's Decision
The Board of Directors believes that the benefits of no longer being a reporting company outweigh the advantages, focusing on cost savings and operational efficiencies.
Liquidity Assurance
AC plans to provide liquidity to its stockholders following the delisting by ensuring the common stock can be traded on the OTCQX platform.
- The action to delist and deregister will result in significant cost savings for AC, as the company will no longer be required to prepare and file periodic reports with the SEC.
- The redirection of resources and focus on new business opportunities following the delisting is expected to enhance the Company's agility and strategic positioning in the market.
The voluntary delisting and deregistration decision by Associated Capital Group, Inc. signifies a strategic shift towards enhancing operational efficiencies and redirecting resources to new business opportunities, ultimately benefiting the Company and its stockholders.