HONG KONG, June 13, 2023 (GLOBE NEWSWIRE) — Bonso Electronics International, Inc. (NASDAQ BNSO) announced that it will voluntarily delist its common stock from the Nasdaq Stock Market and of the record pursuant to the ownership of its shares by fewer than 300 holders, pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act) Deregister your common stock and suspend your public reporting obligations.
Company President, Anthony So, said that we conducted a thorough and thoughtful review of our cost structure, including the costs associated with being a Nasdaq listed and SEC reporting company. Our Board of Directors concluded that the benefits to the Company and its shareholders from continuing Nasdaq listing and SEC reporting do not justify the cost of maintaining that listing and continuing to report publicly. The Board’s decision to delist and deregister its securities was made after careful and thorough consideration of the advantages and disadvantages of continued registration and the ongoing costs and demands on management time arising from compliance with SEC and other regulatory requirements. Bonso is eligible to deregister its securities because it has fewer than 300 holders of record. The Board of Directors believes that the accounting, legal and administrative savings associated with the delisting and deregistration are in the best interests of the shareholders and BNSO, both in terms of cost and time. For BNSO’s size and the thinly traded nature of its stock, the Board believes that the financial and management burdens are disproportionate to the benefits of maintaining both its listing and its registered status. For these reasons, our Board voted unanimously to voluntarily delist from Nasdaq and deregister under the Exchange Act.”
The Company intends to file a Form 25 with the Securities and Exchange Commission on or about June 23, 2023, and the Nasdaq delisting is expected to be effective on or after July 11, 2023, at which time it ceases trading on Nasdaq. Will go The common stock may then be eligible for quotation on the Pink Tier of OTC Markets Group if market makers commit to making a market in the company’s shares. The Company can make no assurances that trading in its common stock will continue on OTC Markets Group or otherwise.
After the Nasdaq Delisting becomes effective, the Company will file a Form 15 with the Securities and Exchange Commission on or about July 12, 2023, at which time the Company anticipates filing periodic reports under the Exchange Act, including annual and current Its obligation to report on Form 20-F, and Form 6-K, respectively, will be suspended, and all requirements associated with being an Exchange Act-registered company, including the need to file current and periodic reports, will be permanently eliminated for 90 days thereafter. Will happen
Post deregistration, BNSO intends to voluntarily make available from time to time financial and other information to its shareholders through its website http://www.bonso.com, Upon termination of registration of its Common Stock, the Company’s securities will not be eligible for trading on any national exchange or OTCQB market.
After filing Form 15, the BNSO may, from time to time, repurchase the shares in the open market at prevailing market prices or through privately negotiated deals.
forward-looking statements. Any statements set forth above that are not historical facts are forward-looking statements, including statements regarding the company’s strategies, plans, objectives, intentions pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (“SLRA”). Estimate. Generally, the words “believes,” “expects,” “intends,” “estimate,” “estimate,” “project,” “realize,” “will” and similar expressions identify forward-looking statements, which are common are not historical in nature. Nature. Such statements are subject to a variety of assumptions, risks and uncertainties, known and unknown, that could cause the Company’s actual results to differ materially from those anticipated in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, that the filing and effective dates of Form 15 may differ from those described above; Brokers cannot make markets to allow OTC pink quotations; and other risks discussed in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F, which are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. BNSO undertakes no obligation to publicly update or revise any forward-looking statement.
For further information please contact:
Albert So
Chief Financial Officer & Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
SOURCE Bonso Electronics