Sigma Designs, Inc. Announces Voluntary Delisting From NASDAQ
FREMONT, Calif., Aug. 03, 2018 (GLOBE NEWSWIRE) — Sigma Designs, Inc.® (NASDAQ: SIGM) is announcing its intention to file a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission (“SEC”) to voluntarily withdraw its shares of common stock from listing on the NASDAQ Stock Market (“NASDAQ”). Sigma expects to file the Form 25 on or about August 15, 2018 and expects the delisting to be effective approximately 10 days after the filing of the Form 25. Sigma expects that its shares of common stock will be quoted on the U.S. over-the-counter (“OTC”) markets following the effectiveness of the delisting, however, there can be no assurance that trading on the OTC markets will occur.
The filing of Sigma’s Form 25 and voluntary delisting of its common stock will follow the planned payment on August 14, 2018 of Sigma’s previously announced distribution of $6.00 per share to its shareholders of record as of the close of business on July 31, 2018. The ex-dividend date for the distribution, as established by NASDAQ, is August 15, 2018.
The voluntary delisting and the distribution are part of Sigma’s previously announced voluntary Plan of Liquidation and Dissolution that was approved by its shareholders at a special meeting of shareholders held on April 17, 2018. Sigma continues to expect to make at least one additional distribution to shareholders as it continues to execute on the Plan of Liquidation and Dissolution. The timing and amount, if any, of any subsequent distributions will be dependent upon a number of factors, including, but not limited to, claims made by vendors, customers, or other parties, Sigma’s ability to defend and settle those claims, final tax amounts for Sigma and its various subsidiaries, wind down expenses, and the establishment of any necessary reserve amounts in connection with the final dissolution. The delisting from NASDAQ will not impact Sigma’s ability to make further distributions.
After the effectiveness of the Form 25 filing, Sigma also expects to file a Form 15 with the SEC, requesting the suspension of Sigma’s reporting obligations under Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the deregistration of its common stock under Section 12(g) of the Exchange Act. If Sigma files a Form 15 with the SEC, its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act will be suspended and it would no longer file reports under such provisions of the Exchange Act.
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