CIMdata PLM Industry Summary Online Archive
28 March 2005
Company News
NexPrise, Inc. Announces Filing of Form 15 to Deregister With the Securities and Exchange Commission
NexPrise, Inc. announced that it has filed a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily deregister its common stock, par value $0.0002 per share, and its convertible subordinated notes due 2007 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Upon the filing of the Form 15, NexPrise's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q, and 8K, will immediately be suspended. NexPrise expects that the deregistration of its common stock and convertible subordinated notes will become effective 90 days after the date of filing of the Form 15 with the SEC. Thereafter, NexPrise will no longer be subject to the SEC's public reporting requirements.
NexPrise's CEO Ted Drysdale explained, "We have carefully evaluated the advantages and disadvantages to the Company of continuing registration. In light of the dramatically increasing costs, including the SOX compliance and administrative burdens associated with being a public company, our Board has determined that deregistering will result in significant cost reductions and enable management to focus more of its time and resources on operating the Company to enhance value for all of our stakeholders."
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