Shares of the electronics company, Bonso Electronics International (NASDAQ: BNSO) tanked in pre-market trading at the time of publishing on Tuesday after the company announced that it was voluntarily delisting from NASDAQ (NDX). The company stated that since its shares were owned by less than 300 shareholders of record, it was also going to “deregister its common stock under the Securities Exchange Act of 1934, as amended (Exchange Act) and suspend its public reporting obligations.”
The company added that its “Board of Directors concluded that the benefits to the Company and its stockholders of continued Nasdaq listing and SEC reporting did not justify the costs of maintaining that listing and continuing to publicly report.”
The Company intends to file Form 25 with the SEC on or about June 23, and the Nasdaq delisting is expected to become effective on or about July 11. The company’s shares may be eligible for quotation on the Pink tier of OTC Markets Group but the Company can provide “no assurance that trading in its common stock will continue on the OTC Markets Group or otherwise.”
Over the past year, BNSO stock has gained by around 6.7%.
