(ACMM)Accom Files Certification of Termination of Registration - Shares Plummet 47%
Houston, TX -- (OTCBB NEWSWIRE) -- July 12, 2001, Accom(R) (ACMM: .08) shares plummet .07 (47%), on 17X the average daily volume. Accom filed form 15-12G - Certification of Termination of Registration today.
In an 8-K filed yesterday, the company said the board of directors determined de-registering the stock was in the "best interests of the company and the stockholders." By the look of the sell off in ACMM today, it is apparent many shareholders do not agree.
Traditionally, when a company "goes private" a premium is paid to existing to shareholders, unfortunately for ACMM shareholders that does not appear to be the case here.
ACMM has not issued a press release regarding the matter.
The 52-week range is .15 - .938. The reported float is 5.06 million and inside ownership as 45%.
Accom, Inc. designs, manufactures, sells and supports digital video systems for the high-end production, post-production and broadcast markets.
For the three months ended 3/31/01, net sales declined 27% to $6.1 million. Net loss before accounting change totaled $467 thousand, vs. an income of $2.7 million. Revenues reflect lower sales of nonlinear editor products and older disk-based products. Net loss reflects lower gains from the sale of ELSET product line assets.
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