Capital Properties, Inc. Form 15 Filing

Rhea-AI Summary

Capital Properties Inc (OTCQX: CPTP) announced on February 11, 2025, that it has filed a Form 15 with the SEC to deregister its Class A common stock and suspend its reporting obligations under the Securities Exchange Act of 1934. The company's requirement to file periodic reports (Forms 10-K, 10-Q, and 8-K) was immediately suspended upon filing.

While the Form 15 is expected to become effective in 90 days, after which CPTP will no longer be a public reporting company, it plans to maintain its OTCQX trading status by adhering to OTC Markets disclosure requirements, including quarterly and annual disclosure filings. The company's core business involves long-term real estate leasing in downtown Providence, Rhode Island for commercial development, and leasing locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising.

Positive

• Company will reduce compliance costs by suspending SEC reporting obligations
• Maintains OTCQX trading status and continues providing financial disclosures
• Stable business model based on long-term real estate leasing

Negative

• Reduced transparency and reporting requirements may impact investor confidence
• Deregistration could potentially affect stock liquidity
• access to capital markets as a non-reporting company

PROVIDENCE, R.I., Feb. 11, 2025 /PRNewswire/ -- Capital Properties, Inc. (OTCQX: CPTP) today announced that it filed a Form 15 with the Securities and Exchange Commission (the "SEC") to deregister its Class A common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "34 Act"), and to suspend its reporting obligations under Section 15(d) of the '34 Act. The Company's obligation to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, was suspended immediately upon filing of Form 15. Once Form 15 is effective, which is expected to occur 90 days after filing, the Company will no longer be a public reporting company.

Despite the termination of registration, the Company intends to continue to qualify for trading on the OTCQX by complying with the OTC Markets disclosure requirements, which include among others things, filing of quarterly and annual disclosure documents. 

About Capital Properties, Inc.

Capital Properties, Inc. and its subsidiary's principal business consist of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island for commercial development, and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes. 

CONTACT:

Susan R. Johnson, Treasurer
401-435-7171

View original content:https://www.prnewswire.com/news-releases/capital-properties-inc-form-15-filing-302373870.html

SOURCE Capital Properties, Inc.

FAQ

What does Capital Properties' Form 15 filing mean for CPTP shareholders?

The Form 15 filing means CPTP will deregister its Class A common stock and suspend SEC reporting obligations, while maintaining OTCQX trading status with reduced disclosure requirements. This affects transparency but reduces compliance costs.

When will CPTP's Form 15 deregistration become effective?

The Form 15 filing is expected to become effective 90 days after the February 11, 2025 filing date, approximately May 12, 2025.

Will CPTP stock continue trading after the Form 15 filing?

Yes, CPTP will continue trading on the OTCQX market by complying with OTC Markets disclosure requirements, including quarterly and annual disclosure filings.

What reporting requirements will CPTP maintain after Form 15 effectiveness?

CPTP will no longer file SEC reports (10-K, 10-Q, 8-K) but will maintain OTC Markets disclosure requirements, including quarterly and annual disclosure documents.