Loud Technologies to voluntarily delist from NASDAQ
Feb 8, 2009 12:00 PM
Loud Technologies is in the process of delisting itself from the NASDAQ stock exchange.
Loud Technologies has submitted written notice to the NASDAQ of its intention to voluntarily delist its common stock from the exchange. The company anticipates completing the necessary Securities and Exchange Commission filings in short order.
Loud Technologies controls a number of pro audio, touring sound and music instrument brands: including EAW loudspeakers; Mackie mixers, loudspeakers and electronics; Ampeg, Blackheart and Crate amplifiers; Tapco electronics; Martin Audio loudspeakers; and Alvarez acoustic guitars.
In deciding to delist the company's common stock from NASDAQ and deregister its common stock under the Exchange Act, the Loud board of directors concluded that the costs of maintaining its listing on NASDAQ and remaining a public company outweigh the benefits to the company and its shareholders on continued NASDAQ listing and Exchange Act registration.
Rodney E. Olson, Loud Technologies CEO, said, “The burden in time and costs associated with public reporting obligations have a real effect on our results. In addition, due to our small market capitalization, we have not enjoyed many of the benefits traditionally associated with a NASDAQ listing. Our board believes that shareholder value is best served through reducing costs and focusing on our business plan rather than maintaining our current public reporting status and NASDAQ listing.”
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