Aspyra Announces Voluntary Delisting of Its Common Stock from NYSE Amex
28 October 2009 - 7:23AM
Business Wire
Aspyra, Inc. (AMEX: APY) today announced that is has
given notice to NYSE Amex (the “Exchange”) of its decision to
voluntarily delist its common stock from the Exchange and
deregister its common stock under the Securities Exchange Act of
1934, as amended (the “Exchange Act”).
The Company’s board of directors has elected to take this action
for the following reasons:
- The nature and limited extent of
the trading in the common stock, as well as the market value that
the public markets are currently applying to the common stock.
- The direct and indirect costs
associated with the preparation and filing of the Company’s
periodic reports with the SEC.
- The fact that many other typical
advantages of being a public company, including enhanced access to
capital and the ability to use equity securities to acquire other
businesses, are not currently sufficiently available to the Company
to an extent that would justify such costs.
In addition to the significant time and cost savings resulting
from the voluntary termination of the registration of the Company’s
common stock under the Exchange Act, the Company’s board of
directors believes that this action will allow the Company’s
management to focus its attention and resources on building
longer-term enterprise value.
The Company has not made any arrangements to have its common
stock listed on any other exchange or quoted in any other quotation
medium.
As previously disclosed, on September 24, 2009, the Company
received notice from the Exchange that the Company does not meet
one of the Exchange’s continued listing standards as set forth in
Part 10 of the NYSE Amex LLC Company Guide (the “Company Guide”).
The notice received from the Exchange stated that the Company is
not in compliance with Section 1003(a)(iv) of the Company Guide.
The Company was afforded the opportunity to submit a plan of
compliance to the Exchange by October 26, 2009, addressing how it
intends to regain compliance with Section 1003(a)(iv) of the
Company Guide by March 24, 2010. Because the Company intends to
deregister under the Exchange Act, the Company does not intend to
submit such a plan to the Exchange.
The Company intends to file a notification of removal from
listing on the Exchange on Form 25 with the Securities and Exchange
Commission (the “SEC”) on or about November 6, 2009. The withdrawal
of the Company’s common stock from listing on the Exchange will be
effective 10 days after the filing of the Form 25. Following the
effectiveness of the delisting, and the completion of a 101-to-1
reverse stock split, the Company intends to terminate the
registration of its common stock under the Exchange Act in
accordance with SEC rules.
About Aspyra
Aspyra is a global provider of Health Care Information
Technology (HCIT) solutions and services to the healthcare
industry. The Company specializes in Clinical Information Systems
(CIS), Picture Archive Communication Systems (PACS) for hospitals,
multi-specialty clinics, clinical laboratories, imaging departments
and centers and orthopedic environments. Aspyra's highly scalable
systems can be installed standalone or integrated to provide a
single-vendor, enterprise-wide solution. For more information on
Aspyra, visit www.aspyra.com.
Safe Harbor
Statement
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements related to anticipated revenues,
expenses, earnings, operating cash flows, the outlook for Aspyra’s
markets and the demand for its products. Forward-looking statements
are not guarantees of future performance and are inherently subject
to uncertainties and other factors which could cause actual results
to differ materially from the forward-looking statement. Such
statements are based upon, among other things, assumptions made by,
and information currently available to, management as of today the
date of this press release, including management's own knowledge
and assessment of the Company’s industry and competition. Factors
that could cause Aspyra’s actual results to differ materially from
these forward-looking statements include among others: the
competitive environment; unexpected technical and marketing
difficulties inherent in major product development efforts; the
potential need for changes in our long-term strategy in response to
future developments; future advances in clinical information
technology and procedures, as well as potential changes in
government regulations and healthcare policies; and rapid
technological change in the microelectronics and software
industries. The Company refers interested persons to its most
recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and its other SEC filings for a description of additional
uncertainties and factors, which may affect forward-looking
statements. The Company assumes no duty to update its
forward-looking statements.
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