Vicon Industries Plans to Deregister Common Stock With SEC
For cost savings in near term from elimination of reporting requirements
This is a Press Release edited by StorageNewsletter.com on January 17, 2019 at 2:12 pmVicon Industries, Inc., a publicly-traded producer of video management systems and components headquartered in Hauppauge, NY, intends to file with the SEC on January 22, 2019 a Form 15 terminating the registration of its common stock, par value $0.001 per share, thereby suspending its obligations to file periodic and current reports and other filings with the SEC, including annual reports on Form 10-K and quarterly reports on Form 10-Q for fiscal years beginning after September 30, 2018.
The deregistration of the common stock is expected to result in cost savings to the company in the near term from the elimination of SEC reporting requirements. Also, the deregistration will allow the company to avoid the substantial additional costs associated with the compliance and auditing requirements of the Securities Exchange Act of 1934, as amended, and to focus its resources on long-term growth.
Vicon’s board of directors made this decision after analysis and discussion because the cost of being an SEC reporting company far exceed the associated benefits afforded to company the size of Vicon Industries.
The small number of stockholders of record allows the company to deregister the common stock and cease being an SEC reporting company and therefore eliminate SEC reporting compliance costs.
The board determined that the time and resources previously expended on SEC regulatory compliance and review – which is burdensome for the company will now be better deployed in working to expand its current business, and, ultimately, grow long-term stockholders’ equity.
Read also:
Vicon Fails to Comply With NYSE American Continuing Listing Standard
Must submit plan of compliance by July 16, 2018.
2018.06.22 | Press Release
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