P10 Industries (PIOI) Announces Delisting, Deregistration of Common Stock from Nasdaq
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P10 Industries, Inc. (OTC PINK: PIOI) today announced it has filed with the U.S. Securities and Exchange Commission (SEC) a Form 25 ("Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934") to effect the voluntary delisting of the company's common stock from the NASDAQ Capital Market (NASDAQ) and the deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The company notified NASDAQ of its intention to file the Form 25 with the SEC on Nov. 21, 2016, as the company no longer meets NASDAQ's continued listing requirements due to the completion of the sale of substantially all of its operating assets to Langley Holdings PLC, which was announced on Nov. 19, 2016.
The company anticipates that its common stock will be suspended from trading on NASDAQ on Dec. 1, 2016. At that time, the company's common stock will be traded solely on the OTC Pink Market, which is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities. The company's common stock will trade on the OTC Pink Market under the trading symbol "PIOI."
The company also intends to suspend its obligation to file current and periodic reports with the SEC pursuant to the Exchange Act as soon as possible. The company expects the suspension of registration to be completed in the first quarter of 2017. The decision of the company's board of directors to delist its common stock from trading on NASDAQ and suspend its filing requirements under the Exchange Act was based on a number of factors, including the completion of the sale to Langley Holdings PLC and the anticipated expenses associated with continuing its reporting obligations under the Exchange Act.
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