FalconStor Software Announces its intention to voluntarily deregister under Section 12(g) of the SEC
The Board of Directors of the Company (the “Board”) believes that the decision to deregister and suspend its reporting obligations under the Exchange Act as well as moving to a lower OTC tier is in the best interest of the Company and its shareholders. The Board has determined that the burdens associated with operating as a registered public company outweigh any advantages to the Company and its stockholders at this time. The Board carefully reviewed many factors, including the significant cost savings of no longer preparing and filing periodic reports with the Securities and Exchange Commission, and the reduction of significant legal, audit and other costs associated with being a reporting company.
The Company will continue to provide sufficient information to its shareholders in order to continue enabling a trading market for its common stock within the OTC Pink Current trading market. Once the Company is deregistered, the Board believes that the Company will refocus its financial and management resources towards growing its current business opportunities.
About FalconStor Software
FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to
FalconStor and FalconStor Software are trademarks or registered trademarks of FalconStor Software, Inc., in the
Links to websites or pages controlled by parties other than FalconStor are provided for the reader's convenience and information only. FalconStor does not incorporate into this release the information found at those links nor does FalconStor represent or warrant that any information found at those links is complete or accurate. Use of information obtained by following these links is at the reader's own risk.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230628391675/en/
Vincent Sita
Chief Financial Officer FalconStor Software Inc.
investorrelations@falconstor.com
CONTACT US AROUND THE GLOBE
Corporate Headquarters
501 Congress Avenue
Suite 150
Tel: +1.631.777.5188
salesinfo@falconstor.com
Europe Headquarters
Landsberger Straße 302
80687 München,
salesemea@falconstor.com
Source: FalconStor Software, Inc.