HPIL Holding filed a Form 15 to suspend its duty to submit reports with the Securities and Exchange Commission, the company announced Aug. 12.
The company said upon filing the Form 15, its obligation to file reports such as Forms 10-Q, 10-K and 8-K was immediately suspended, and its duty to file all reports with the SEC will be terminated 90 days after the filing. It plans to disclose its quarterly and annual financial statements through the OTC Markets reporting service.
HPIL Holding, which focuses on investing in private and public companies across different sectors, expects to maintain a public listing on the OTC Pink Sheets market or another exchange, but it cannot guarantee that the trading of its shares will continue on OTC Markets or in any other forum.
The company said the annual cost of making the SEC filings can be more than $200,000, which it views as prohibitive. Its board has decided instead to focus on improving the company's business model.