China Digital deregisters from SEC
April 4, 2019
By Chris Forrester
China Digital TV Holding, which was delisted from the New York Stock Exchange in October 2017, is now deregistering from the SEC and its regulatory oversight.
An Extraordinary General Meeting (EGM) took place in Beijing on April 3rd, and shareholders were told that it was “not commercially beneficial to the Company and its shareholders, as a whole, for the Company to maintain its SEC registration status.
“The Company intends to file with the SEC a certification and notice of termination on Form 15 requesting that the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act be terminated. Once such process is successfully completed, [shareholders] should not expect to see, among others, the Company’s further periodic reports, beneficial ownership reports and reports made under proxy rules.”
China Digital says that shareholder will be able to surrender their US traded American Depository Shares (ADR) for cancellation and exchange (via Deutsche Bank Trust Company Americas) into newe, underlying shares inn the business.
Founded in 2004, China Digital TV claims to be a leading provider of cloud platforms, with gaming and other applications embedded, to the Peoples Republic of China, digital television and telecommunication network operators, enabling them to bring these applications to household television sets and other mobile devices.