FFD Financial (FFDF) to Delist from Nasdaq Capital Market; Will Deregister from SEC Reporting
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FFD Financial Corporation (Nasdaq: FFDF), announced that it has notified the NASDAQ Stock Market of its intent to voluntarily delist its common stock from the NASDAQ Capital Market, and to file a Form 25, Notification of Removal from Listing and/or Registration, with the Securities and Exchange Commission ("SEC") on or about June 11, 2012. The Company anticipates that its shares will trade on the over-the-counter markets following its delisting. The Company intends to file a Form 15 with the SEC to deregister its common shares upon the effectiveness of its delisting, which will be on or about June 21, 2012. The Company is eligible to deregister pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended by the Jumpstart Our Business Startups Act, commonly referred to as the JOBS Act, because it has fewer than 1,200 holders of record of its common shares. The Company expects that its obligation to file periodic reports such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K will be suspended after the filing of Form 15.
After thorough consideration, the Company's Board of Directors determined it was in the best interests of the Company and its shareholders to delist and deregister the Company's common shares. This decision was based upon the consideration of numerous factors. These include (i) the disproportionately high costs of preparing and filing periodic reports with the SEC and complying with NASDAQ listing rules; (ii) the substantial accounting, audit, legal and other expenses associated with being a public company; (iii) the significant additional demands placed on management and Company personnel to comply with reporting requirements; and (iv) the historically low trading volume in the Company's shares.
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After thorough consideration, the Company's Board of Directors determined it was in the best interests of the Company and its shareholders to delist and deregister the Company's common shares. This decision was based upon the consideration of numerous factors. These include (i) the disproportionately high costs of preparing and filing periodic reports with the SEC and complying with NASDAQ listing rules; (ii) the substantial accounting, audit, legal and other expenses associated with being a public company; (iii) the significant additional demands placed on management and Company personnel to comply with reporting requirements; and (iv) the historically low trading volume in the Company's shares.
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