Safeguard Scientifics Filed Form 25 to Voluntarily Delist its Common Stock from The Nasdaq Stock Market LLC
February 02 2024 - 7:30AM
Safeguard Scientifics, Inc. (Nasdaq: SFE) (“Safeguard” or the
“Company”) has announced today that it filed Form 25 with the
Securities and Exchange Commission (the “SEC”) to voluntarily
delist its shares of common stock from trading on The Nasdaq Stock
Market LLC (“Nasdaq”) in connection with its previously announced
plan to deregister its common stock under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and to delist the
Company’s common stock from trading on Nasdaq (referred to as the
“Transaction”).
The Company expects that the delisting will
occur ten days after the filing of Form 25 so that trading will be
suspended on February 12, 2024 prior to the market opening, at
which point, the Company intends to file a Form 15 with the SEC
certifying that it has less 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 of the
Company’s common stock from trading on Nasdaq, any trading in the
Company’s common stock would only occur in privately negotiated
sales and potentially on an over-the-counter market. The Company
expects to have its common stock quoted on a market operated by OTC
Markets Group Inc. (the “OTC”) so that a trading market may
continue to exist for its common stock. There is no guarantee,
however, that a broker will continue to make a market in the common
stock and that trading of the common stock will continue on an OTC
market or otherwise.
About Safeguard Scientifics
Historically, Safeguard Scientifics has provided
capital and relevant expertise to fuel the growth of
technology-driven businesses. Safeguard has a distinguished track
record of fostering innovation and building market leaders that
spans more than six decades. Safeguard is currently pursuing a
focused strategy to value-maximize and monetize its ownership
interests over a multi-year time frame to drive shareholder value.
For more information, please visit www.safeguard.com.
Forward-Looking Statements
This press release may contain forward-looking
statements that are being made pursuant to the Private Securities
Litigation Reform Act of 1995, which provides a “safe harbor” for
forward-looking statements to encourage companies to provide
prospective information so long as those statements are accompanied
by meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
discussed in the statement. Such forward-looking statements include
statements about the perceived benefits and timing of the
Transaction, trading of the Company’s common stock following the
voluntary delisting from trading on Nasdaq, and the number of
holders of record of the Company’s common stock that the Company
expects to have after the stock splits. Such forward-looking
statements are subject to a number of known and unknown risks and
uncertainties that could cause actual results, performance or
achievements to differ materially from those described or implied
in such forward-looking statements. Accordingly, actual results may
differ materially from such forward-looking statements. The
forward-looking statements relating to the Transaction are based on
the Company’s current expectations, assumptions, estimates and
projections about the Company and involve significant risks and
uncertainties, including the many variables that may impact the
Company’s projected cost savings, variables and risks related to
the consummation of the Transaction. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements.
SAFEGUARD CONTACT:
Mark Dow
mdow@rockcreekfa.com
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