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On the same day it announced it had regained compliance with Nasdaq rules to remain listed on the market, MTM Technologies Inc. yesterday said it would voluntarily pull its stock off the Nasdaq market and expects to de-register its stock completely, going private.
The Stamford, Conn.-based company says that its annual report for the fiscal year ended March 31, 2009, which it filed yesterday, contained a going concern opinion from its independent registered public accounting firm. Nasdaq rules require a separate disclosure notice to be sent out by a company when it gets such a “going concern” evaluation.
MTM Technologies (Nasdaq: MTMC), an IT, software and IP telephony services firm, followed that up with notice that it had sent word to Nasdaq that it is de-listing its common stock and will file the appropriate form with the U.S. Securities and Exchange Commission. MTM’s stock would come off the market 10 days after the SEC received the Form 25 document, officials said.
Once it has de-listed its stock, MTM said it will also file papers with the SEC to completely deregister its common stock, essentially making it a private company. MTM said it can do this because it has fewer than 300 shareholders of record, after 16 years as a public company.
Officials said that MTM is going private because of the costs and demands on management time from having to maintain compliance with SEC rules, Sarbanes-Oxley and Nasdaq listing standards.
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