RADNOR, Pa. - Safeguard Scientifics, Inc. (NASDAQ:SFE), a company historically known for fueling the growth of technology-driven businesses, has announced its intention to voluntarily delist its shares from The Nasdaq Stock Market. The move is part of a broader plan to deregister its common stock under the Securities Exchange Act of 1934 and is expected to take effect on February 12, 2024, before market opening.
The company filed Form 25 with the Securities and Exchange Commission (SEC) and anticipates the suspension of trading on Nasdaq to occur ten days post-filing. Subsequently, Safeguard Scientifics plans to file Form 15 with the SEC, asserting it has fewer than 300 shareholders of record, which will terminate the registration of the company's common stock under Section 12(g) of the Exchange Act.
Following the delisting, any transactions involving Safeguard Scientifics' common stock would be conducted in privately negotiated sales or potentially on an over-the-counter (OTC) market. The company expects its stock to be quoted on a market operated by OTC Markets Group Inc., allowing for continued trading. However, there is no assurance that brokers will maintain a market for the stock or that trading will persist on an OTC market or any other form.
Safeguard Scientifics has been recognized for its role in fostering innovation and building market leaders for over sixty years. The company is currently implementing a strategy aimed at maximizing value and monetizing its ownership interests to enhance shareholder value over a multi-year timeline.
The decision to delist is a significant step for Safeguard Scientifics and reflects a strategic shift as the company seeks to manage its resources and shareholder interests more effectively.
This announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are accompanied by cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statements.
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