SBS announced late Friday that the company intends to voluntarily deregister from the reporting requirements of the Securities Exchange Act. SBS says the pandemic has provided need, reason and basis for the company to reduce expenses and operate with efficiency.
In a press release, the company said: “With that continuing goal and objective, the decision of the Company to deregister the Company’s common stock, par value $0.0001 per share was driven by elimination of the significant costs and administrative burdens of preparing and filing current and periodic reports with the SEC, the demands placed on management and the company to comply with the requirements of the Exchange Act, and the low number of holders of the Common Stock of the Company. The Company believes the expected savings of more than $1.5 million per year outweigh the advantages of continuing to be an SEC reporting company.”
