BNSO - Bonso Electronics International falls on Nasdaq delisting and deregister of common stock

2023-06-13 06:22:37 ET

• Bonso Electronics International ( NASDAQ: BNSO ) announced that
• the board has voted unanimously to voluntarily delist from Nasdaq and deregister under the Exchange Act to suspend its public reporting obligations as the number of shareholders are fewer than 300.
• The company believes that cost incurred in maintaining listing on Nasdaq does not justify benefits to the Company and its stockholders.
• The Nasdaq delisting is expected to become effective on or about July 11, 2023 and thereafter be eligible for quotation on the Pink tier of OTC Markets Group if market makers commit to making a market in the Company’s shares.
• The Company can provide no assurance that trading in its common stock will continue on the OTC Markets Group or otherwise.
• The Company will file a Form 15 with the Securities and Exchange Commission on or about July 12, 2023, leading to obligation to file periodic reports under the Exchange Act, including annual and current reports on Form 20-F, and Form 6-K, respectively, will be suspended.
• Following deregistration, the company intends to voluntarily make periodic financial and other information available to its shareholders on its website.
• BNSO may periodically repurchase shares on the open market at prevailing market prices or in privately negotiated transactions following the filing of the Form 15.
• Shares -23% premarket.
• Source: Press Release

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