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Spanish Broadcasting System, Inc. Announces Plan to Deregister its Common Stock
Spanish Broadcasting System, Inc. Announces Plan to Deregister its Common Stock.
About this update from Spanish Broadcasting System, Inc.
[{"type":"text","content":"\n\n\n\nSpanish Broadcasting System, Inc. Announces Plan to Deregister its Common Stock\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nSpanish Broadcasting System, Inc. Announces Plan to Deregister its Common Stock\nPR Newswire\nMIAMI, July 24, 2020\n\n\n\nMIAMI, July 24, 2020 /PRNewswire/ -- Spanish Broadcasting System, Inc. (\"SBS\" or the \"Company\") (OTCQB:SBSAA)  announced today that the Company intends to voluntarily deregister from the reporting requirements of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\").  \n\n \n \n \n \n \n \n\n \nFor the Company, as it is and has been for all companies, the global pandemic has provided need, reason and basis for the Company to reduce expenses and operate with utmost efficiency. With that continuing goal and objective,  the decision of the Company to deregister the Company's common stock, par value $0.0001 per share (the \"Common Stock\") was driven by elimination of the significant costs and administrative burdens of preparing and filing current and periodic reports with the Securities and Exchange Commission (the \"SEC\"), the demands placed on management and the Company to comply with the requirements of the Exchange Act, and the low number of holders of the Common Stock of the Company. The Company believes the expected savings of more than $1.5 million per year outweigh the advantages of continuing to be an SEC reporting company.  \nThe Company intends to promptly file a Form 15 Certification and Notice of Termination of Registration under Section 12(g) of the Exchange Act with the SEC in connection with its intention to deregister its Common S...