SCANDIUM INTERNATIONAL MINING FILES FORM 15 TO VOLUNTARILY DEREGISTER AND SUSPEND ITS SEC REPORTING OBLIGATIONS
Rhea-AI Summary
Scandium International Mining Corp (TSX:SCY, OTCBB:SCYYF) announced filing Form 15 with the SEC to voluntarily deregister its common shares and suspend reporting obligations under the Securities Exchange Act. The deregistration, expected to be effective within 90 days, will eliminate the requirement to file Forms 10-K, 10-Q, and 8-K with the SEC. The company will continue following Canadian reporting requirements and IFRS accounting standards. This decision aims to reduce reporting complexity and costs while allowing management to focus on core business activities, including the development of its Nyngan Scandium project in New South Wales, Australia.
Positive
- Cost reduction through simplified reporting requirements
- Management can focus more on core business operations
Negative
- Reduced transparency for U.S. investors
- Potential decrease in U.S. market accessibility
- Possible reduction in stock liquidity on OTCBB
RENO, Nev., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Scandium International Mining Corp. (TSX:SCY and OTCBB: SCYYF) (“Scandium International” or the “Company”), a company focused on the development of its Nyngan Scandium project in New South Wales, Australia, today announced that it has filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its class of common shares under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend its reporting obligations under Section 15(d) of the Exchange Act (the “Deregistration”). The Company’s obligation to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will be suspended immediately upon filing of the Form 15. Once the Form 15 is effective, which is expected to occur within 90 days of filing, the Company will follow Canadian reporting requirements including IFRS accounting standards and will no longer be an SEC reporting company in the United States and its obligations to file other reports with the SEC will also be suspended.
The Company’s decision to proceed with the Deregistration is aimed at further reducing the complexity and costs of reporting and allowing the management team to focus their efforts on the Company’s core business activities. The Deregistration does not impact the Company’s business operations. The Company will continue to file periodic reports in Canada in accordance with Canadian securities laws.
Forward-looking statements, such as the statement in this press release regarding the effectiveness of the Form 15, are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What does Scandium International Mining's (SCYYF) Form 15 filing mean?
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