Safeguard Scientifics Intends to File Form 25 to Voluntarily Delist its Common Stock from The Nasdaq Stock Market LLC
22 Janeiro 2024 - 6:30PM
Safeguard Scientifics, Inc. (Nasdaq: SFE) (“Safeguard” or the
“Company”) has announced today that it notified The Nasdaq Stock
Market LLC (“Nasdaq”) that it intends to file Form 25 with the
Securities and Exchange Commission (the “SEC”) on February 2, 2024
to voluntarily delist its shares of common stock from trading on
Nasdaq in connection with its previously announced plan to
deregister its common stock under the Securities Exchange Act of
1934, as amended (the “Exchange Act”).
The Company expects that the delisting will
occur ten days after the filing of Form 25, at which point, the
Company intends to file a Form 15 with the SEC certifying that it
has less than 300 shareholders of record, which will terminate the
registration of the Company’s common stock under Section 12(g) of
the Exchange Act. Following the delisting of the Company’s common
stock from trading on Nasdaq, any trading in the Company’s common
stock would only occur in privately negotiated sales and
potentially on an over-the-counter market. The Company expects to
have its common stock quoted on a market operated by OTC Markets
Group Inc. (the “OTC”) so that a trading market may continue to
exist for its common stock. There is no guarantee, however, that a
broker will continue to make a market in the common stock and that
trading of the common stock will continue on an OTC market or
otherwise.
The Company has also announced that it filed
amendments to its articles of incorporation with the Pennsylvania
Department of State to effectuate a reverse stock split at a ratio
of 1-for-100, followed immediately by a forward stock split at a
ratio of 100-for-1 (collectively referred to as “stock splits”),
which were both effective on January 12, 2024. These stock split
ratios are within the ranges approved by the Company’s shareholders
at the special meeting of shareholders held on December 15, 2023 in
connection with the Company’s previously announced plan to cease
the registration of the Company’s common stock under the Exchange
Act and to delist the Company’s common stock from trading on Nasdaq
(referred to as the “Transaction”).
About Safeguard Scientifics
Historically, Safeguard Scientifics has provided
capital and relevant expertise to fuel the growth of
technology-driven businesses. Safeguard has a distinguished track
record of fostering innovation and building market leaders that
spans more than six decades. Safeguard is currently pursuing a
focused strategy to value-maximize and monetize its ownership
interests over a multi-year time frame to drive shareholder value.
For more information, please visit www.safeguard.com.
Forward-Looking Statements
This press release may contain forward-looking
statements that are being made pursuant to the Private Securities
Litigation Reform Act of 1995, which provides a “safe harbor” for
forward-looking statements to encourage companies to provide
prospective information so long as those statements are accompanied
by meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
discussed in the statement. Such forward-looking statements include
statements about the perceived benefits and timing of the
Transaction, trading of the Company’s common stock following the
voluntary delisting from trading on Nasdaq, and the number of
holders of record of the Company’s common stock that the Company
expects to have after the stock splits. Such forward-looking
statements are subject to a number of known and unknown risks and
uncertainties that could cause actual results, performance or
achievements to differ materially from those described or implied
in such forward-looking statements. Accordingly, actual results may
differ materially from such forward-looking statements. The
forward-looking statements relating to the Transaction are based on
the Company’s current expectations, assumptions, estimates and
projections about the Company and involve significant risks and
uncertainties, including the many variables that may impact the
Company’s projected cost savings, variables and risks related to
the consummation of the Transaction. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements.
SAFEGUARD CONTACT:
Mark Dow
mdow@rockcreekfa.com
Safeguard Scientifics (NASDAQ:SFE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Safeguard Scientifics (NASDAQ:SFE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024