Intermedia Marketing Solutions Inc. has chosen to remove its listing from the OTC Bulletin Board. The company may be listed on the “Pink Sheets,” a quotation service that does not require participants to file periodic reports such as quarterly and annual earnings.
The Securities and Exchange Commission allows companies with fewer than 200 record holders to voluntarily terminate their listings.
Intermedia chairman Douglas Campbell cited the firm’s market price of less than a penny per share, historic lack of liquidity, absence of any institutional research coverage and the expenses associated with filing with the SEC are reasons for choosing delisting.
“Based on the trading range of our stock price over the past year, we have been unable to use the stock as currency in acquisitions,” Campbell said in a statement.
“Further, the depressed price has prevented us from accessing the public markets to raise additional financing. Those two elements represent the primary benefits of being a public company. Without the benefits of being a public company, it seemed counterproductive to absorb the costs associated therein.”
Intermedia markets, produces and distributes television programs, direct response commercials and consumer products associated with those programs.
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