ARTISTdirect To Suspend Reporting To SEC
August 6, 2009 at 5:00 AM (PT)
ARTISTdirect has filed a Form 15 with the UNITED STATES SECURITIES AND EXCHANGE COMMISSION to suspend the company's SEC reporting obligations. The company expects the registration of its common stock will be terminated 90 days after such filing. Upon termination of the registration of its common stock, the company's securities will not be eligible for trading on any national exchange or the OTC Bulletin Board
"The company's board of directors approved the filing of the Form 15 after careful consideration of the advantages and disadvantages of continuing its SEC reporting obligations," said ARTISTdirect, INC., CEO DIMITRI VILLARD. "Suspending the SEC reporting obligations will allow the company to eliminate the substantial expenses associated with SEC reporting and compliance, while reallocating those resources to support business operations. It will also enable management to focus more of its time and efforts on managing and developing the business and enhancing shareholder value."