ACME Communications is being delisted from the Nasdaq Global Market, and also intends to deregister its common stock and cease filing reports with the SEC.
Santa Ana-based ACME said the administrative cost of being listed had become prohibitive. “The decision to voluntarily delist and deregister the common stock is a cost savings step that will reduce expenses associated with compliance efforts as well as listing fees, professional fees and other administrative costs,” it said in a statement. “The common stock is thinly traded and the Company does not believe the benefits of having its common stock listed and registered outweigh the costs. Management believes the expense reductions will allow it to maximize shareholder value.”
ACME expects to file its delisting notice with the SEC around October 24, with the actual delisting taking place 10 days later. It anticipates the last day of its stock trading on the Nasdaq market to be November 3.
The broadcaster, which owns five CW outlets and one MyNetworkTV, expects to continue reporting quarterly and yearly results.