ENGLEWOOD, Colo. — Ascent Capital Group (NASDAQ: ASCMA) has voluntarily notified the Nasdaq Stock Market of its intent to withdraw its Series A common stock from listing on the Nasdaq Global Select Market.
Following a 10-day notice, Ascent Capital says it will file a Form 25 with Nasdaq and the U.S. Securities and Exchange Commission (SEC), with expectations the delisting will become effective July 15.
It is anticipated that the delisting will become effective on July 25 and the company’s Series A common stock will no longer trade on Nasdaq. Ascent Capital says it expects its Series A common stock to be quoted and traded on the OTC Markets (OTCQB: ASCMB) following the delisting, although it cannot assure that this will be the case.
The company does not expect the delisting or SEC deregistration to adversely affect its business operations or the pending restructuring of its wholly owned subsidiary, Monitronics Int’l under Chapter 11 of the U.S. Bankruptcy Code. Moreover, the company does not expect the delisting will adversely impact its proposed participation in the restructuring of Monitronics, including the proposed merger of Ascent into Monitronics.
As previously disclosed, the company received notification from Nasdaq in November that its market value was too low for listing, and it remained that way through a grace period that ended May 28. Ascent says it originally intended to appeal the delisting but determined it wouldn’t be worth the cost in time and resources.
Following the assessment, the company’s board of directors with the support and recommendation of Ascent’s management concluded, “ … regaining compliance, would not be in the best interests of Ascent’s stockholders and that all such resources could be better focused on Monitronics’ pending restructuring,” the announcement states. “For such reasons, the Board has determined to voluntarily delist Ascent from NASDAQ.”
The post Ascent Capital Group Will Voluntarily Delist From Nasdaq appeared first on Security Sales & Integration.