Effective immediately, MachTen’s obligations under the Exchange Act, including the filing of all reports on Forms 8-K, 10-Q and 10-K will be suspended. MachTen will endeavor to continue providing quarterly and annual financial results in a timely manner via its website. MachTen anticipates its common stock will continue to trade on the
MachTen’s Board has determined that the costs associated with operating as a registered public company outweigh any advantages to its shareholders at this time. The Board’s decision was based on a careful review of numerous factors, including the significant legal, audit and other expenses associated with preparing and filing periodic reports with the
The Board also believes resources can be better allocated towards core business operations compared to the substantial demands on management’s time under the Sarbanes-Oxley Act of 2002 and
As previously communicated, MachTen is in the early stages of making significant investments in its incumbent network and in strategic growth markets, funded in part by participation in Enhanced-ACAM and the award of several ReConnect America grants.
For the full year ending
About
MachTen is a holding company for Michigan Broadband,
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact: | |
Chief Executive Officer (914) 921-5193 |
Source:
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