Win Global Markets, Inc. Announces Voluntary SEC Deregistration
New York, NY (PRWEB) July 31, 2013 -- Win Global Markets, Inc. (OTCQB:WGMI) (the "Company"), announced today its decision to terminate the registration of its shares with the Securities and Exchange Commission (the "SEC"). The Company intends to file a Form 15 with the SEC to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on or about August 23, 2013. As a result of the filing of the Form 15, the Company's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q, and 8-K, will be suspended and expected to cease within 90 days. As a result of the deregistration and filing of the Form 15, the Company’s shares are expected to cease trading on the OTC QB.
The decision to deregister was made by the Company's board of directors after careful consideration of the advantages and disadvantages of being a SEC reporting company. The Company's board of directors considered many factors in making this decision, including the following:
• the costs, both direct and indirect, associated with the preparation and filing of the Company's periodic reports with the SEC;
• the costs and burden associated with complying with the Sarbanes-Oxley Act of 2002;
• the additional demands placed on management and Company personnel to comply with requirements required of registrants;
• The lack of public interest in the Company’s industry as well as the historically low stock price of the Company's common stock and minimal liquidity; and
• the nature and extent of the trading in the Company's common stock and level of analyst coverage.
The board of directors decided that the Company should deregister with the SEC as it believes that the deregistration with the SEC will outweigh any benefits of continuing as a SEC registered company and enable management to better focus on the day-to-day operations of its business, thereby delivering long-term shareholder value. The Company further announced that it would consider seeking registration of its stock capital in other favorable markets such as the UK.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements. These forward-looking statements include, but are not limited to, those statements regarding our plans to terminate the registration of our shares of common stock with the SEC, the potential benefits from such deregistration and our consideration to list our shares in more favorable markets. Such "forward-looking statements" involve known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from those projected. For example, the SEC may prevent us from terminating our registration, we may not be successful in listing our shares in another market and even if we do list our shares in another market there is no guarantee that our stock will have better liquidity in such other market. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT: Company Contact:
Shimon Citron
Chief Executive Officer
Win Global Markets, Inc.
Tel Aviv, Israel
T: +972-54-433-321
Haim Tabak, 011-972-54-6611525, [email protected]
Share this article