Continental Materials Corporation Announces Intention to Voluntarily Delist and Deregister its Common Stock
April 20 2020 - 5:38PM
Continental Materials Corporation (NYSE American: CUO, the
“Company”), a diversified light manufacturing company operating
primarily in two industry groups, Heating, Ventilation and Air
Conditioning (HVAC) and Construction Products, announced today its
intention to voluntarily delist from the NYSE American Stock
Exchange (the “Exchange”) and to deregister its Common Stock under
Section 12(g) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and suspend its SEC reporting obligations
under Section 15(d) of the Exchange Act.
On April 20, 2020, the Company notified the
Exchange of its intent to voluntarily delist its Common Stock from
the Exchange. The Company currently anticipates that it will file
with the Securities and Exchange Commission (the “SEC”) a Form 25
relating to the delisting of its Common Stock on or about May 1,
2020, and anticipates that the delisting of its Common Stock will
become effective on or about May 11, 2020.
Following the delisting of its Common Stock on
the Exchange, the Company plans to file with the SEC a Form 15 to
deregister its Common Stock under Section 12(g) of the Exchange Act
and suspend its reporting obligations under Section 15(d) of the
Exchange Act, as the Common Stock is held by less than 300
stockholders of record.
The Company is taking these steps in order to
reduce legal, accounting and administrative costs associated with
being an SEC reporting company, to reduce the specificity of the
financial information which the Company is required to disclose
publicly in connection with its business segments, which disclosure
the Company believes has, at times in the past, been competitively
disadvantageous to the Company, and to allow the Company’s
management to increase its focus on executing the Company’s
strategic and business plan by reducing time spent in complying
with applicable SEC reporting requirements. In addition, the
number of shares of Common Stock which are publicly held (exclusive
of holdings of officers, directors, controlling shareholders or
other family or concentrated holdings) is less than 200,000 as a
result the tender offer made by Bee Street Holdings LLC which was
completed at midnight at the end of April 17, 2020, and the Common
Stock may consequently no longer be eligible for listing on the
Exchange.
Contact:Paul Ainsworth(312) 541-7222
Continental Materials (AMEX:CUO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Continental Materials (AMEX:CUO)
Historical Stock Chart
From Apr 2023 to Apr 2024