Residential and commercial manufacturer and importer Chromcraft Revington said it plans to voluntarily delist its stock from the New York Stock Exchange and deregister from Securities and Exchange Commission filing requirements.
The company's board of directors made the decision last week, an SEC filing said. A press release said the moves are "in the best interests of the company" and will take place later this month.
Chromcraft's board determined the move would result in cost savings from elimination of SEC filings and Sarbanes-Oxley Act and regulatory costs and from reallocating personnel to its business strategies.
"These actions are designed to reduce our operating costs. 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," Ronald Butler, chairman and CEO, said in a press release.
The company is eligible to deregister because it has fewer than 300 stockholders, the release said. After deregistering, Chromcraft said it plans to give quarterly and annual performance information through its website and press releases.
The release added that the company may no longer be in compliance with minimum continued listing standards through the New York Stock Exchange. It has not been notified by the exchange.
