- Current report filing (8-K)
20 Marzo 2009 - 1:13PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date of
report (Date of earliest event reported): March 20, 2009
SOVEREIGN
EXPLORATION ASSOCIATES INTERNATIONAL, INC.
(Exact
name of registrant as specified in its charter)
Utah
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333-29903
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30-0123229
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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110 South
State Street, Suite 200
Newtown,
Pennsylvania 18940
(Address
of principal executive offices and zip code)
Registrant's
telephone number, including area code: 215-968-0200
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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INFORMATION
TO BE INCLUDED IN THE REPORT
Section
8 - Other Events
Item
8.01 Other Events
Sovereign
Exploration Associates International, Inc. (the “Company”) has filed a Form 15
today with the Securities and Exchange Commission (“SEC”) to voluntarily
deregister its common stock. The Company is eligible to deregister because it
has fewer than 300 holders of record of its common stock. In filing the Form 15,
the Company's obligations to file certain reports and forms with the SEC,
including Forms 10-K, 10-Q and 8-K, are immediately suspended. The Company
expects that deregistration of its common stock will become effective within 90
days.
The
Company is deregistering because it believes that the incremental cost of
compliance with the Sarbanes-Oxley Act of 2002 and other public company
reporting requirements does not provide a discernable benefit to the Company and
is not in the best interests of its shareholders. Factors influencing the
Company's decision include the following:
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The
high accounting, legal and administrative costs of preparing and filing
periodic reports and other filings with the SEC in comparison to the size
of the Company.
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–
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The
need for senior management of the Company to devote more time to the
business of the Company.
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–
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The
need to maintain the confidentiality of sensitive business information
that would otherwise require SEC
disclosure.
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–
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The
already limited trading in the Company's common
stock..
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–
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The
fact that current trading prices of the common stock make it unlikely that
the Company could effectively use its common stock to compensate
employees, raise capital or make
acquisitions.
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As a
result of this action, the Company's common stock will cease to be eligible to
be traded on the Over-the-Counter Bulletin Board. The Company's securities will
continue to be quoted on the Pink Sheets, but the Company can make no assurance
that any broker will continue to make a market in the Company's common
stock.
SIGNATURES
Pursuant
to the Securities Act of 1934, the Company has duly caused this report to be
signed on its behalf.
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SOVEREIGN
EXPLORATION ASSOCIATES INTERNATIONAL, INC.
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March
20, 2009
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By:
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Robert
D. Baca, Chief Executive Officer
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Sovereign Exploration As... (CE) (USOTC:SVXA)
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