Sonic Foundry, Inc. (NASDAQ:SOFO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
(a) On December18, 2018, the Board of Directors of Sonic Foundry, Inc. (the “Company”) approved the voluntary delisting by the Company of its common stock from the Nasdaq Capital Market (“NCM”) of the Nasdaq Stock Exchange (“Nasdaq”), and the transfer of the listing of its common stock to the OTCQB Market (the “OTCQB”). The OTCQB Market is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter-securities. The Company notified Nasdaq of its intention to voluntarily delist its common stock from Nasdaq. The Company intends to cease trading on Nasdaq at the close of business on December 28, 2018 and to begin trading on the OTCQB on December 31, 2018 under its current trading symbol “SOFO”. The Company expects to remain a reporting company under the Securities Exchange Act of 1934, as amended, immediately following the voluntary withdrawal from the NCM.
The Company’s Board of Directors approved the voluntary withdrawal of the Company’s common stock from listing on the NCM as a result of numerous factors, including its assessment of the probability of the Company’s continued compliance with Nasdaq listing requirements, the common stock’s current trading volume and price, and the costs of maintaining eligibility to list the Company’s stock on the NCM.
Item 7.01 Regulation FD.
On December20, 2018, the Company issued a press release regarding the transfer of the listing of its common stock from Nasdaq Capital Market to OTCQB. Copies of the press release are attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Exhibit 99.1 shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act made after the date hereof, the information contained in Exhibit 99.1 attached hereto shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
|
99.1 |
Press release dated December20, 2018 regarding transfer of listing from Nasdaq Capital Market to OTCQB |
EXHIBIT LIST
NUMBER DESCRIPTION
SONIC FOUNDRY INC Exhibit
EX-99.1 2 pre-release.htm EXHIBIT 99.1 Exhibit Sonic Foundry Announces Preliminary Fourth Quarter 2018 Financial Results and Operational Changes in Fiscal 2019MADISON,…
To view the full exhibit click here
About Sonic Foundry, Inc. (NASDAQ:SOFO)
Sonic Foundry, Inc. is engaged in the business of providing enterprise solutions and services for the Web communications market. The Company operates in geographic regions, including the United States, Europe and Middle East, and Asia. The Company is engaged in offering video capture, management and Webcasting solutions in sectors, such as education, business and government. The Company’s Mediasite Video Platform transforms communications, training, education and events for its customers. The Company sells Mediasite recorders and server software products and related services contracts, such as customer support, installation, customization services, training, content hosting and event services. The Mediasite video platform delivers live and on-demand video on screen. The Mediasite Video Cloud provides an option for video streaming, storage and management for organizations. The Mediasite ML Recorders are designed for on-the-go Webcasting, hybrid events, guest speakers and conferences.
