US snack food firm China Marine Food Group has announced a voluntary delisting from the New York Stock Exchange as part of a cost efficiency measure.
The firm’s board of directors concluded that, “after careful consideration”, a delisting was “in the best interests of the company”.
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The firm cited a number of reasons for the decision, including: cost savings from the elimination of filing reports with the SEC; the better reallocation of management time to long-term financial results; and the release of the company from the reporting obligations of being a reporting company.
“These actions are designed to reduce our operating costs,” said CEO Pengfei Liu. “The consequences of remaining an SEC-reporting company, which includes significant costs and management time associated with regulatory compliance, outweighed the current benefits of being a NYSE MKT listed company.”
The company said it intends to file on or about 1 November, a Form 25 with the SEC to voluntarily delist its common stock from the New York Stock Exchange. It is expected that delisting will take effect on or about 11 November.
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By GlobalData
