Continental Materials Corporation Files Form 25 in Connection with its Previously Announced Plan to Voluntarily Delist and De...
May 01 2020 - 7:00AM
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, announces that, on
May 1, 2020, the Company filed with the Securities and Exchange
Commission (the “SEC”) a Form 25 Notification of Removal from
Listing in connection with its previously announced plan to
voluntarily delist its Common Stock, $0.25 par value per share (the
“Common Stock”), from the NYSE American Stock Exchange (the
“Exchange”). The Company expects the delisting to be
effective May 11, 2020, at which time the Common Stock will no
longer be traded on the Exchange.
As previously announced, the Company plans to
file with the SEC a Form 15 on or about May 11, 2020, to deregister
its Common Stock under Section 12(g) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) and to 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, Continental Materials Corporation312 541
7222
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