California-based zipper manufacturer Talon International Inc. made a voluntary SEC filing on Dec. 28 to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
The company said in a Dec. 28 statement that the Form 15 filing had received unanimous board approval, and deregistration of the common stock is expected to become effective 90 days after the filing date.
As a result, Talon will no longer be required to make certain SEC filings including Form 8-Ks, quarterly Form 10-Qs and annual Form 10-Ks.
However, the company expects its common stock to continue trading on the OTC Pink marketplace.
CEO Larry Dyne said in a statement: "We believe that suspending our SEC reporting obligations will allow us to better direct our financial and management resources to support the long-term growth of our business, including by focusing and developing our proprietary technologies."
The company initially filed to register 61,111,109 of its common stock shares for resale on Nov. 20, 2014, which the SEC put into effect Dec. 4, 2014. The Dec. 28 filing states that Talon has terminated the resale of its common stock and is deregistering the remaining unsold shares.