Autoscope Technologies Corporation Announces Intention to Voluntarily Delist Its Common Stock From Nasdaq and Deregister Its Common Stock With the Securities and Exchange Commission and Increase the Company’s Quarterly Dividend
21 Dezembro 2022 - 4:51PM
Autoscope Technologies Corporation (NASDAQ: AATC) today announced
that it intends to voluntarily delist its common shares from the
Nasdaq Capital Market and to subsequently deregister its common
stock under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). The Company is eligible to suspend these reporting
obligations because it has fewer than 300 shareholders of record.
The Company intends to continue to provide shareholders with timely
financial information following the conclusion of the of delisting
and deregistration.
Frank G. Hallowell, interim Chief Executive Officer of Autoscope
Technologies Corporation, commented, “As the Company’s supply chain
constraints have passed, the business’s profitability has returned
to its normal levels. Due to these factors, along with the expected
reduction of administrative and other expenses due to the delisting
and deregistration, the Board has determined that it will increase
the Company’s quarterly dividend amount going forward from $0.12 to
$0.13 per share.”
The Company is currently in compliance with all of its Nasdaq
listing requirements. Consistent with cash management and cost
discipline measures that have been implemented by the Company, the
Board of Directors concluded that the costs of compliance, the
demands of management’s time, and the Company resources required to
continue its reporting obligations with the Securities and Exchange
Commission (the “SEC’) and maintain its Nasdaq listing were
significantly greater than the benefits received by the Company and
its shareholders from being a listed company.
The Company expects to file a Form 25, Notification of Removal
from Listing and/or Registration under Section 12(b) of the
Securities Exchange Act of 1934, with the SEC and Nasdaq on or
about December 30, 2022. The Form 25 will become effective 10 days
after it is filed. Upon its effectiveness, the Company anticipates
that its common stock will be quoted on the OTCQX, a centralized
electronic quotation service for over-the-counter securities. The
Company expects its common stock will continue to trade on the
OTCQX.
The Company also intends to deregister its common stock with the
SEC and become a non-reporting company under the Exchange Act. The
Company intends to file a Form 15 upon the effective date of the
Nasdaq delisting. As of the date of the filing of the Form 15, the
Company’s obligation to file reports under the Exchange Act,
including Forms 10-K, 10-Q and 8-K, will be immediately suspended.
Other filing requirements will terminate upon the effectiveness of
the deregistration under Section 12(g) of the Exchange Act, which
is expected to occur 90 days after the filing of the Form 15.
However, the Company intends to continue to provide shareholders
with audited annual financial statements and certain quarterly
financial information by making such information publicly available
in press releases and on its website. Additionally, the Company
intends to provide additional material information regarding its
business and operations by way of press releases and postings on
its website, to hold annual shareholder meetings as required by
law, and to otherwise exercise good corporate governance.
About Autoscope Technologies
Corporation
Autoscope Technologies Corporation is
a global company dedicated to helping improve safety and efficiency
for cities and highways by developing and delivering above-ground
detection technology, applications, and solutions. We give
Intelligent Transportation Systems (ITS) professionals more precise
and accurate information – including real-time reaction
capabilities and in-depth analytics – to make more confident and
proactive decisions. We are headquartered in Minneapolis,
Minnesota. Visit us on the web at imagesensing.com.
Safe Harbor
Statement: Statements made in this release
concerning the Company’s or management’s intentions, expectations,
or predictions about future results or events are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
expectations or beliefs, and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company’s control; developments in the demand
for the Company’s products and services; relationships with the
Company’s major customers and suppliers; the mix of and margins on
the products we sell; unanticipated delays, costs and expenses
inherent in the development and marketing of new products and
services; adverse weather conditions in our markets; the impact of
governmental laws, regulations, and orders, including as a result
of the COVID-19 pandemic caused by the coronavirus;
international presence; tariffs and other trade barriers; our
success in integrating any acquisitions; potential disruptions to
our supply chains (including disruptions caused by geopolitical
events, military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2021 filed on March 22, 2022.
Contact: |
|
Frank Hallowell, Chief Financial
OfficerAutoscope Technologies Corporation Phone:
612.438.2363 |
|
|
|
Autoscope Technologies (NASDAQ:AATC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Autoscope Technologies (NASDAQ:AATC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024