TigerLogic Corporation Announces Filing on Form 15 to Suspend Its Reporting Obligations Under the Securities Exchange Act of 1934
PORTLAND, OR --(Marketwired - April 01, 2016) - TigerLogic Corporation (TIGR) today announced it has determined to effect a termination of the registration of its common stock under Section 12(g) of the Securities and Exchange Act of 1934, as amended ("Exchange Act") and suspend its reporting obligations under Section 15(d) of the Exchange Act, by filing a Form 15 with the Securities and Exchange Commission ("SEC") today.
Immediately after such filing, the Company will not file current and periodic reports with the SEC including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For a period of ninety (90) days after the filing of Form 15, the Company will remain subject to proxy rules and Section 16 reporting obligations.
The Board of Directors has approved this action as a cost reduction measure. Suspending the Company's SEC reporting obligations will allow it to reduce legal, accounting, and other expenses associated with reporting compliance moving forward.
Although the Company will no longer be filing current and periodic reports with the SEC after filing the Form 15, the Company may elect to continue to provide information concerning any material developments with respect to any significant transactions for disposing of the Company's remaining assets and any other future events that could materially impact the timing or amount of distributions to be made to the Company's stockholders, either by press release or other means. However, there is no guaranty that we will do so or that we will continue to provide such information in the future.
About TigerLogic Corporation
TigerLogic Corporation (TIGR) is a global provider in engagement solutions. For more information about TigerLogic and its products visit http://www.tigerlogic.com.
Except for the historical statements contained herein, the foregoing release may contain forward-looking information, including statements about anticipated cost savings associated with suspension of SEC reporting obligations, disposition of TigerLogic's remaining assets and the winding up and ultimate dissolution of the Company, and the distribution of assets to stockholders. Any forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to the success of TigerLogic's strategic alternatives process, the ability to complete the sale of its Omnis business on reasonable terms, or at all, the costs to wind up the affairs of the Company, and other risks and uncertainties. Please consult the various reports and documents filed by TigerLogic with the SEC, including but not limited to TigerLogic's most recent reports on Form 10-K and Form 10-Q, for factors potentially affecting its future results. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release.
TigerLogic and Omnis are trademarks of TigerLogic Corporation. All other trademarks and registered trademarks are properties of their respective owners.
