Sep 27 2010
Ore Pharmaceutical Holdings Inc. (OTCQB:ORXE), announced today the filing of a Form 15 with the Securities and Exchange Commission (the "SEC"). Ore filed the Form 15 with the SEC in order to effect a termination of the registration of its common stock under the Securities Exchange Act of 1934.
Upon the filing of the Form 15, Ore's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company expects the registration of its common stock will be terminated 90 days after the filing of the Form 15 with the SEC. Despite the termination of registration, the Company expects that shareholders will be able to continue to trade the outstanding common shares of Ore, and Ore intends to maintain a public listing on the OTC Pink Sheets market or other exchange as it may determine appropriate. Ore is eligible to suspend its reporting obligations and deregister its common stock because it has fewer than 300 record holders of its common shares.
The Board of Directors has approved this action primarily as a cost reduction measure. Suspending and, ultimately, terminating the Company's SEC reporting obligations will allow it to reduce the substantial legal, accounting and other expenses associated with reporting compliance and make those savings available for continued operation of the business.
Ore currently intends to continue to provide quarterly and financial information about the Company on its web site, www.orepharma.com, as well as through other distribution methods it may identify, and to stockholders directly upon written request.
Source:
: Ore Pharmaceutical Holdings Inc.
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