LYNDHURST, N.J., Feb. 5, 2019 /PRNewswire/ -- CCA Industries, Inc.
(NYSE AMERICAN: "CAW"), today announced that its board of directors
determined that voluntarily delisting the Company's common stock,
$0.01 par value, and Class A common
stock, $0.01 par value, (together,
the "Common Stock") from the NYSE American and voluntarily
deregistering from the reporting requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), are in the
best interests of the Company. The Company is eligible to
deregister the Common Stock because it has fewer than 300
stockholders of record.
Accordingly, the Company intends to file on or about
April 2, 2019 a Form 25 with the
Securities and Exchange Commission (the "SEC") to voluntarily
delist the Common Stock from the NYSE American and to deregister
the Common Stock from Section 12(b) of the Exchange Act. The
Company also intends to file on or about April 12, 2019 a Form 15 with the SEC to request
deregistration of the Common Stock under Section 12(g) of the
Exchange Act. Immediately upon the filing of Form 15, the
Company will no longer be obligated to file certain Exchange Act
reports with the SEC. Following delisting and deregistering,
the Company presently intends to provide annual information
regarding its performance through postings to its website. It
is expected that delisting will take effect on or about
April 12, 2019, and at that time the
Company's shares will no longer be traded on the NYSE
American. Chairman & Chief Executive Officer Lance Funston added, "I asked the Board of
Directors to form a subcommittee of independent directors to
thoroughly explore the option of delisting. After review of
the facts the subcommittee recommended to the board that the
Company delist. My primary objective for the Company has
always been to build the total enterprise value of CCA. The expense
of maintaining a publicly traded stock has been counterproductive
in achieving this goal."
The decision of the Company's board of directors to delist and
deregister the Company's Common Stock was based on consideration of
a number of factors, including [ (1) the significant costs and
administrative burdens of preparing and filing current and periodic
reports with the SEC, (2) the demands placed on management and the
Company to comply with registration requirements, including
compliance costs applicable to public companies, (3) the low
trading volume of the Common Stock and (4) the low number of
holders of the Common Stock. ]
About CCA Industries, Inc.
CCA Industries, Inc. manufactures and markets health and beauty
aids, each under its individual brand name. The products
include, principally, "Plus+White" toothpastes and teeth whiteners,
"Bikini Zone" medicated topical and shave gels, "Nutra Nail" nail care treatments, "Scar Zone"
scar treatment products, "Sudden Change" complete skin care regime
and "Porcelana" skin care products.
Forward Looking Statements
Statements contained in the news release that are not
historical facts are forward looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which would cause actual results to differ
materially, from estimated results. Such risks and uncertainties
are detailed in the Company's filings with the Securities and
Exchange Commission. No assurance can be given that the results in
any forward-looking statement will be achieved and actual results
could be affected by one or more factors, which could cause them to
differ materially. For these statements, we claim the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act. The Company assumes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
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SOURCE CCA Industries, Inc.
