Vestin Realty Mortgage I, Inc. Announces Intent to Voluntarily Delist From NASDAQ and Deregister Its Common Stock
21 Diciembre 2015 - 5:13PM
Vestin Realty Mortgage I, Inc. (the “Company”) (NASDAQ:VRTA)
announced today that its board of directors has concluded that
voluntarily delisting the Company’s common stock (the “Common
Stock”) from Nasdaq and voluntarily deregistering from the
reporting requirements of the Securities Exchange Act of 1934, as
amended (“Exchange Act”), are in the best interests of the Company.
The Company is eligible to delist and deregister its common stock
because it has fewer than 300 stockholders of record.
The Company's board of directors determined that voluntarily
delisting and deregistering is in the overall best interests of the
Company after carefully considering several factors, including the
large costs of preparing and filing periodic reports with the SEC,
the increased outside accounting, audit, legal and other costs and
expenses associated with being a public company, the burdens placed
on Company management to comply with reporting requirements, and
the low trading volume in the Company's common stock.
The Company expects to file a Form 25, Notification of Removal
from Listing and/or registration under Section 12(b) of the
Exchange Act with the SEC and Nasdaq on or about December 31, 2015.
The Form 25 will become effective 10 days after it is filed. Upon
its effectiveness, the Company anticipates that its common stock
will be quoted on the Pink Sheets, a centralized electronic
quotation service for over-the-counter securities. The Company
expects its common stock will continue to trade on the Pink Sheets,
so long as market makers continue to make a market in the Company’s
common stock. However, the Company can give no assurance that
trading in its stock will continue on the Pink Sheets or on any
other securities exchange or quotation medium.
Upon the effective date of the Nasdaq delisting, the Company
intends to file a Form 15 to deregister its common stock with the
SEC and become a non-reporting company under the Exchange Act. As
of the date of the filing of the Form 15, the obligation of the
Company to file reports under the Exchange Act, including Forms
10-K, 10-Q and 8-K, will be immediately suspended. The Company
expects the deregistration of its common stock to become effective
90 days after filing the Form 15. The Company intends to continue
to make certain information available to stockholders as required
by applicable law. In addition, although no longer required
after deregistration, the Company intends to release financial
results and issue press releases for the benefit of its
shareholders. There can be no assurance, however, that the
Company will continue to provide such information in the
future.
About Vestin Realty Mortgage I
Vestin Realty Mortgage I, Inc. is a Maryland corporation that
acquires, manages or sells real property or acquires entities
involved in the ownership or management of real property, and
invests in loans secured by real estate through deeds of trust or
mortgages. As of September 30, 2015, Vestin Realty Mortgage I, Inc.
had assets of approximately $17.0 million. Vestin Realty Mortgage
I, Inc. is managed by Vestin Mortgage, LLC.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks, uncertainties and assumptions, including the
Company’s expectations regarding the timing to complete Nasdaq
delisting and SEC deregistration, the anticipated cost savings and
benefits of delisting and deregistration and the anticipated
trading of the Company’s common stock on the Pink Sheets after the
effectiveness of deregistration. These forward-looking
statements are based on the Company’s expectations, as of the date
of this release, of future events. The Company undertakes no
obligation to update any of these forward-looking statements,
except as may be required by the federal securities laws.
Although the Company believes that these expectations are
based on reasonable assumptions, within the bounds of its knowledge
of its business and experience, there can be no assurance that
actual results will not differ materially from expectations.
Unforeseen events may occur and, as a result, delisting and
deregistering of the Company’s common stock may be delayed or may
not occur. In addition, there can be no assurance that the common
stock will be traded on the Pink Sheets after the effectiveness of
deregistration. Any or all of these expectations, including
regarding anticipated cost savings and benefits, may turn out to be
incorrect and any forward-looking statements made in this release
speak only as of the date of this release. Readers are
cautioned not to place undue reliance on any forward-looking
statements. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. It is not
possible to predict or identify all factors that could potentially
cause actual results to differ materially from expected and
historical results.
MEDIA CONTACT:
Jill Swartz
Spotlight Communications
(949) 427-5172 ext. 701
Jill@spotlightmarcom.com
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