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DynTek to deregister stock
December 17th, 2007, 3:14 pm · Post a Comment · posted by Mary Ann Milbourn
Dyntek Inc. in Irvine announced today it will submit a U.S. Security and Exchange Commission filing Tuesday to deregister its stock.
The company said that it expects its common stock will no longer be eligible for trading on the Over-the-Counter Bulletin Board as it has been. The company said it expects, but cannot guarantee, that after it is delisted, stock quotes will be available on the Pink Sheets of the National Quotation Bureau.
Deregistering its stock relieves DynTek of quarterly and annual filings and other SEC public reporting requirements. The company said it will continue to provide periodic financial information, including for the fiscal quarter ending Dec. 31., on it Web site.
The company said the board approved deregistration and delisting to cut the cost of SEC reporting requirements; to eliminate expensive accounting, audit, legal and other costs required of public companies and to reduce the extra demands this work places on management. The company also cited the fact that the stock, which has less than 300 shareholders, is thinly traded, lacks analysts coverage and has minimal liquidity.
Dyntek, which provides professional technology services to mid-market companies and government agencies, has struggled in recent years. It lost $11.1 million for the year ended June 30 and $28.8 million the year before. In its most recent quarter ended Sept. 31, it reported a net loss of $3.2 million.
The announcement was made after the market closed. Dyntek shares closed at 5 cents.
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