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Securities Exchange Act

Oryx Technology Corp. to Deregister with the SEC

Strategic Insights

— 1 min read

Oryx Technology Corp., a technology licensing, investment, and management services company, has announced plans to file Form 15 with the Securities and Exchange Commission (SEC) on or about October 14, 2005, which will result in a voluntary deregistration of its common stock. This move will suspend the company's reporting obligations under Section 13 and 15(d) of the Securities Exchange Act of 1934, as amended. The deregistration is expected to take effect within 90 days of filing Form 15, after which the company's common stock will no longer be eligible for trading on the Over-The-Counter Bulletin Board.

Key Takeaways:

  • The company's Board of Directors has determined that deregistering the common stock is in the best interests of the company and its stockholders.
  • The main reasons for this decision are the increasing costs and administrative burdens of reporting company status with the SEC, including the requirements of the Sarbanes-Oxley Act.
  • Deregistration will significantly reduce the burden on the company's limited resources, but it may also affect the company's ability to attract investors.
  • The company intends to continue providing reports to its stockholders in accordance with Delaware law and will report its unaudited quarterly and annual financial results on the Pink Sheets' website.
  • The company's common stock will continue to be quoted on the Pink Sheets, but its trading status remains uncertain.
  • The deregistration is expected to be completed within 90 days of filing Form 15.
  • The company's President and CEO, Philip J. Micciche, has stated that the Board's decision was made after careful consideration.

Statistics:

  • The company plans to file Form 15 with the SEC on or about October 14, 2005.
  • The deregistration is expected to become effective within 90 days.
  • The company's common stock will no longer be eligible for trading on the Over-The-Counter Bulletin Board after deregistration.
  • The company will continue to provide reports to its stockholders in accordance with Delaware law.

Sources:

  • "Oryx Technology Corp. to Deregister with the SEC" article (no date mentioned)
  • OTCBB:ORYX
  • Securities Exchange Act of 1934, as amended
  • Delaware law
  • Pink Sheets website
  • Oryx's Annual Report on Form 10-KSB
  • Oryx's website (exact format not provided)

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