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UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 2, 2024
Safeguard Scientifics, Inc.
(Exact Name of Registrant as Specified in Charter)
Pennsylvania |
001-05620 |
23-1609753 |
(State or other Jurisdiction of
Incorporation) |
(Commission File Number) |
(IRS Employer ID No.) |
150 N. Radnor Chester Rd., STE F-200 Radnor,
PA |
19087 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: 610-293-0600
Not applicable
(Former Name or Former Address if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock ($.10 par value) |
SFE |
The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On February 2, 2024, Safeguard
Scientifics, Inc. (the “Company”) 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.
Forward-Looking Statements
This Form 8-K 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.
Item 7.01 | Regulation FD Disclosure. |
On February 2, 2024, the Company
issued a press release, which is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The exhibit is being furnished
pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the
Exchange Act, or otherwise subject to the liabilities of that section, nor shall such exhibit be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such filing.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are filed herewith:
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Safeguard Scientifics, Inc. |
|
|
|
Date: February 2, 2024 |
By: |
/s/ G. Matthew Barnard |
|
Name: |
G. Matthew Barnard |
|
Title: |
Special Counsel |
Exhibit 99.1
Safeguard Scientifics Filed Form 25
to Voluntarily Delist its Common Stock from
The Nasdaq Stock Market LLC
Radnor, PA, February 2,
2024 - 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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