SALEM, NH - StockerYale Inc., a designer and manufacturer of diode-based laser modules and LED systems for industrial OEMs, medical and defense markets, announced that it has filed a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission (SEC) to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
Upon the filing of the Form 15, the company's obligations to file certain reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, will immediately be suspended. The company expects the deregistration of its common stock to become effective 90 days after filing the Form 15. StockerYale's common stock will no longer trade on the Over the Counter Bulletin Board. The company anticipates its common shares will continue to be quoted on the Pink OTC Markets after deregistration, although there can be no guarantee that a broker will continue to make a market in the company's commons stock and that trading will continue. The company currently intends to continue to make current financial information available on a regular basis.
Mark Blodgett, chief executive officer, says, "The decision by the board of directors of the company to deregister was made after careful consideration of the advantages and disadvantages of being an SEC reporting company, including the high costs and demands on management time arising from compliance with many SEC and Sarbanes-Oxley requirements. We expect that deregistering will save and avoid costs of between $400,000 and $700,000 annually. In addition to the significant time and cost savings resulting from deregistration, this action will allow management to focus its attention and resources on implementing the company's business strategy and on building long-term enterprise value."
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