Autoscope Technologies Corporation Announces Voluntary Filing of Form 15 to Suspend SEC Reporting Obligations
18 1월 2023 - 6:25AM
Autoscope Technologies Corporation (OTCQX: AATC) today announced
the filing of a Form 15 with the Securities and Exchange Commission
(the “SEC”). The Company filed the Form 15 with the SEC under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
to terminate the registration of its common stock under Section
12(g) of the Exchange Act and to suspend its reporting obligations
under Section 15(d) of the Exchange Act. The Company is eligible to
suspend its reporting obligations because it has fewer than 300
holders of record of its common stock.
Frank G. Hallowell, Interim Chief Executive Officer, commented
on the announcement with the following statement: “The Company’s
decision to deregister was made after careful consideration of the
advantages and disadvantages of being a public full reporting
company and the increasing expense of compliance with the many SEC
related requirements. This decision should result in a benefit to
the Company's shareholders by reducing expenses and permitting
management to focus its energies on operating and growing the
company. Further, the Company’s supply chain constraints have
passed, and the business’s profitability has returned to its normal
levels. Due to these factors, along with the expected reduction of
administrative and other expenses due to the delisting and
deregistration, the Board has determined that it will increase the
Company’s quarterly dividend amount going forward from $0.12 to
$0.13 per share.”
Upon filing the Form 15, the Company’s obligation to file
periodic and current reports with the SEC, including Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports
on Form 8-K, was immediately suspended. The Company's duty to file
other reports with the SEC will be terminated 90 days after filing
of the Form 15. Despite the termination of registration, the
Company plans to continue to disclose its financial statements on a
quarterly and annual basis through the OTC Markets reporting
service. The Company anticipates that its common stock will resume
quoting on the OTC Markets marketplace, a centralized electronic
quotation service for over-the-counter securities, so long as
market makers demonstrate an interest in trading the Company's
common stock.
About Autoscope Technologies Corporation
Autoscope Technologies Corporation is a global company dedicated
to helping improve safety and efficiency for cities and highways by
developing and delivering above-ground detection technology,
applications and solutions. We give Intelligent Transportation
Systems (ITS) professionals more precise and accurate information –
including real-time reaction capabilities and in-depth analytics –
to make more confident and proactive decisions. We are
headquartered in Minneapolis, Minnesota. Visit us on the web at
autoscope.com.
Safe Harbor Statement: Statements made in
this release concerning the Company’s or management’s intentions,
expectations, or predictions about future results or events are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
management’s current expectations or beliefs and are subject to
risks and uncertainties that could cause actual results or events
to vary from stated expectations, which variations could be
material and adverse. Factors that could produce such a variation
include, but are not limited to, the following: the inherent
unreliability of earnings, revenue and cash flow predictions due to
numerous factors, many of which are beyond the Company’s control;
developments in the demand for the Company’s products and services;
relationships with the Company’s major customers and suppliers; the
mix of and margins on the products we sell; unanticipated delays,
costs and expenses inherent in the development and marketing of new
products and services; adverse weather conditions in our markets;
the impact of governmental laws, regulations, and orders, including
as a result of the COVID-19 pandemic caused by the coronavirus;
international presence; tariffs and other trade barriers; our
success in integrating any acquisitions; potential disruptions to
our supply chains (including disruptions caused by geopolitical
events, military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2021 filed on March 22, 2022.
Contact: |
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Frank Hallowell, Interim Chief Executive Officer, Chief
Financial OfficerAutoscope Technologies
Corporation Phone: 612.438.2363 |
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Autoscope Technologies (NASDAQ:AATC)
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Autoscope Technologies (NASDAQ:AATC)
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