LOS ANGELES, CA and NEWARK, NJ / ACCESSWIRE / May 18, 2023 / IDW Media Holdings, Inc., (the "Company" or "IDW") (NYSE American:IDW), an integrated media company, today announced that it voluntarily filed a Form 15 with the United States Securities and Exchange Commission (the "SEC") to terminate the registration of its Class B Common Stock, par value $0.01 per share, under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and suspend its reporting obligations under Section 13(a) and Section 15(d) of the Exchange Act.
IDW's Board of Directors has determined that deregistration is in the overall best interests of the Company and its stockholders following review and careful consideration of a number of factors, including, but not limited to, the expected reduction in operating expenses associated with continued listing and reporting, which would allow the Company to focus more resources on its recovery and growth plans.
Upon filing the Form 15, the Company's obligation to file periodic and current reports with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, was immediately suspended. The Company's duty to file other reports with the SEC will be terminated 90 days after filing of the Form 15. The Company is current with its reporting requirements under the Exchange Act.
Despite the termination of registration, the Company plans to continue to disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service. The Company anticipates that its Class B Common Stock will initially be quoted on the OTC Markets marketplace in the Pink Sheets, while its application for the OTCQB is pending.
About IDW Media Holdings:
IDW (NYSE American: IDW) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022 (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), and subsequent quarterly reports on Form 10-Q. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
IDW Media Holdings, Inc.
SOURCE: IDW Media Holdings Inc.