YoCream International today (20 December) announced its intention to delist its shares with Nasdaq and terminate its Securities and Exchange Commission (SEC) registration. The necessary documentation will be filed by 3 January 2006.
The company is currently operating a stock repurchase plan as part of a voluntary delisting scheme intended to reduce costs.
John Hanna, YoCream CEO said: “Several significant stockholders have urged us to consider alternatives to reduce the escalating costs of compliance associated with being a public company. Our board of directors considered a number of alternatives and decided that voluntary delisting was the most cost effective. In addition to the costs savings, the board of directors believes this action will allow management to intensify its focus on current business opportunities.”
After delisting and de-registration, the company expects its shares to be traded on the Pink Sheets. YoCream will continue to hold an annual shareholders meeting and make an audited annual report available to shareholders.