US: Scheid Vineyards approves share split
The board and shareholders controlling a majority of voting stock of Scheid Vineyards have approved a 1-for-5 split of its Class A and Class B shares.
If the transaction is consummated, Scheid expects to have fewer than 300 stockholders of record, enabling it to terminate the registration of its Class A Common Stock under the Securities Exchange Act of 1934, and become a non-reporting company.
This would mean that the Californian wine company would no longer be required to file periodic reports and other information with the Securities and Exchange Commission (SEC).
The company said that having considered the costs, administrative burdens and competitive disadvantages associated with being a reporting company, it believes it to be in the best interests of Scheid and its stockholders to change its status to a non-reporting company.
As part of the deregistration process, Scheid is to request that Nasdaq delist its Class A Common Stock from the Nasdaq SmallCap Market.
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