Sigma Designs Files Securities and Exchange Commission Form 15
September 18 2018 - 09:00AM
Sigma Designs, Inc.® (OTCQB: SIGM) today announced that on
September 17, 2018 it voluntarily filed a Form 15 with the United
States Securities and Exchange Commission (the "Commission" or
"SEC") to voluntarily deregister its common stock and suspend its
reporting obligations under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). As a result of the filing, the
Company will no longer be required to file certain reports under
the Exchange Act, including quarterly reports on Form 10-Q, annual
reports on Form 10-K, and current reports on Form 8-K.
Upon suspension of its reporting obligations,
the Company expects its common stock to continue trading on the OTC
Pink marketplace, however, there can be no assurance that any
broker-dealer will make, or continue to make, a market in the
Company's common stock. The Company currently intends to
provide at least limited financial information, primarily related
to its liquidation process and remaining cash resources, to allow
for public trading of Company securities on the OTC Pink
marketplace, although there can be no assurances that the Company
will undertake to provide, or continue to provide, such limited
information.
Future Distributions
The Company continues to expect to make at least
one additional distribution to shareholders as it continues to
execute on its liquidation plan, including continuing to pay
remaining wind-down related expenses and claims. To the
extent that its remaining funds are not exhausted during the
liquidation process, the Company expects to use residual funds to
make further distributions to its shareholders. The timing
and amount, if any, of any subsequent distributions will be
dependent upon a number of factors, including, but not limited to,
claims made by vendors, customers, or other parties, the Company’s
ability to defend and settle those claims, final tax amounts for
the Company and its various subsidiaries, wind down expenses, and
the establishment of any necessary reserve amounts in connection
with the final dissolution.
Sigma Designs
For more information about Sigma Designs, Inc.® (OTCQB:
SIGM), please visit www.sigmadesigns.com.
Forward Looking Statements
This Press Release contains forward-looking
statements (including within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended, and
Section 27A of the United States Securities Act of 1933, as
amended). These statements include, but are not limited to, the
Company’s expectations to make at least one additional distribution
to shareholders as it continues to execute on its liquidation plan,
the possibility of additional distributions to shareholders, the
Company’s intent to continue to provide limited financial
information to investors, and the Company’s expectation that its
common stock will continue trading on the OTC Pink marketplace, and
other statements identified by words such as “will”, “expect”,
“intends”, “believe”, “anticipate”, “estimate”, “should”, “intend”,
“plan”, “potential”, “predict” “project”, “aim”, and similar words,
phrases or expressions. These forward-looking statements are based
on current expectations and beliefs of the management of Sigma
Designs, as well as assumptions made by, and information currently
available to, such management, and involve risks and uncertainties,
many of which are beyond Sigma’s and its management’s control, and
which may cause actual results to differ materially from those
contained in forward-looking statements. Accordingly, you should
not place reliance on such statements.
Particular uncertainties that could materially
affect future results include any risks associated with the
proposed completion of Sigma’s Plan of Liquidation and Dissolution,
such as: (1) uncertainties as to the timing and expense related to
remaining liquidation and shut down activities, including the
shutdown of international subsidiaries; (2) unexpected claims of
third parties that have not yet been presented to Sigma; (3)
unexpected costs, charges or expenses realized in the process of
winding down, and (4) the ability of Sigma to continue to affect
measures to increase the available cash for distribution to
shareholders through the previously reported plan to wind down.
The foregoing review of important factors that
could cause actual events to differ from expectations should not be
construed as exhaustive and should be read in conjunction Sigma
Designs’ filings with the Securities and Exchange Commission
(“SEC”), which you may obtain for free at the SEC’s website at
http://www.sec.gov, and which discuss additional important risk
factors that may affect their respective businesses, results of
operations and financial conditions. Sigma Designs undertakes no
intent or obligation to publicly update or revise any of these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations Contact:
IR@sigmadesigns.com