Syms plans to delist from NYSE & SEC deregistration
22 Dec '07
3 min read
In addition, the Company also expects that management will be able to better focus its attention and resources on continuing to improve operations and enhancing shareholder value.
Finally, based upon the current level of trading on the NYSE and the anticipated interest by broker-dealers in trading the Company's stock on the Pink Sheets, the Company does not anticipate any significant adverse change in the liquidity for the Company's stock.
Marcy Syms, the Chief Executive Officer of the Company, commented: “We believe the costs associated with being a SEC-registered company which is listed on the New York Stock Exchange outweigh the benefits. Moreover, we expect that trading on the Pink Sheets will continue to provide a platform and liquidity to our shareholders.”
The Company expects that the deregistration will become effective within 90 days after its filing with the SEC. Although, the Company will thereafter have no further obligation to make filings with the SEC, it intends to make information available (including audited financial statements) to the market generally equivalent to that previously made in its filings with the SEC.
It anticipates posting such information, including financial statements, on the Company's web site, and, if available to it, the web site of the Pink Sheets. The Company also does not intend to engage in a “going private” transaction.
The Company refers the reader to its Form 8-K, being filed in connection with this press release, for additional information regarding its plans for disclosure and other matters.
Sy Syms, the Chairman of the Board of the Company, and Marcy Syms, the Chief Executive Officer/President and a Director of the Company, collectively own beneficially approximately 56.6% of the Company's outstanding Common Stock.
This total includes shares owned in trust and as custodian as well as shares issuable upon exercise of presently exercisable stock options.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
