LiveWire Mobile voluntarily delists from NASDAQ
Managed mobile personalization services provider LiveWire Mobile announced it has submitted written notice to the NASDAQ Stock Market to voluntarily delist and deregister its common stock under the Securities Exchange Act of 1934. According to LiveWire, it will file a Form 25 with the Securities and Exchange Commission to voluntarily delist on or about May 15--delisting from NASDAQ will become effective 10 days after the filing date. Provided the firm continues to meet the applicable legal requirements, it will file a Form 15 with the SEC on or about May 26 to terminate the registration of its common stock under the Exchange Act, with the expectation that the termination of registration will become effective within 90 days after filing.
According to LiveWire, the decision to delist will benefit shareholders and the company by eliminating the annual accounting and legal costs as well as the administrative burdens associated with SEC reporting obligations and compliance with the Sarbanes-Oxley Act. After it delists from NASDAQ, LiveWire's shares may be quoted on the Pink OTC Markets electronic quotation service assuming market makers commit to make a market in the company's shares.
For more on the LiveWire delisting:
- read this release