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Monday, May 12, 2014 3:25:44 PM
As a result of the Reverse Stock Split and the repurchase of shares from holders of less than 1,000 shares, the Company has fewer than 300 stockholders of record and is therefore eligible to terminate the registration of its common stock with the Securities and Exchange Commission (the “SEC”). The Company intends shortly to file with the SEC a Form 15 to deregister its shares. Upon the filing of the Form 15, the Company’s obligation to file periodic and current reports under the Exchange Act will be immediately suspended. Deregistration of the Company’s shares will be effective 90 days after filing of the Form 15. Upon deregistration of its shares, the Company’s obligation to comply with the requirements of the proxy rules and to file proxy statements under Section 14 of the Exchange Act will also be terminated. In addition, the Company will no longer be subject to the provisions of the Sarbanes-Oxley Act.
The Company will not be required to file periodic and current reports with the SEC in the future unless the Company subsequently files another registration statement under the Securities Act of 1933, as amended, or again have record holders of its common stock in excess of 300.
http://www.sec.gov/Archives/edgar/data/895516/000089551614000046/sgi_8-kxreversestocksplit.htm
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