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FREMONT, Calif., Sept. 18, 2018 (GLOBE NEWSWIRE) -- Sigma Designs, Inc.® (OTCQB: SIGM) today announced that on September 17, 2018 it voluntarily filed a Form 15 with the United States Securities and Exchange Commission (the "Commission" or "SEC") to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result of the filing, the Company will no longer be required to file certain reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K.
Upon suspension of its reporting obligations, the Company expects its common stock to continue trading on the OTC Pink marketplace, however, there can be no assurance that any broker-dealer will make, or continue to make, a market in the Company's common stock. The Company currently intends to provide at least limited financial information, primarily related to its liquidation process and remaining cash resources, to allow for public trading of Company securities on the OTC Pink marketplace, although there can be no assurances that the Company will undertake to provide, or continue to provide, such limited information.
The Company continues to expect to make at least one additional distribution to shareholders as it continues to execute on its liquidation plan, including continuing to pay remaining wind-down related expenses and claims. To the extent that its remaining funds are not exhausted during the liquidation process, the Company expects to use residual funds to make further distributions to its shareholders. The timing and amount, if any, of any subsequent distributions will be dependent upon a number of factors, including, but not limited to, claims made by vendors, customers, or other parties, the Company’s ability to defend and settle those claims, final tax amounts for the Company and its various subsidiaries, wind down expenses, and the establishment of any necessary reserve amounts in connection with the final dissolution.
For more information about Sigma Designs, Inc.® (OTCQB: SIGM), please visit www.sigmadesigns.com.
Forward Looking Statements
This Press Release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended). These statements include, but are not limited to, the Company’s expectations to make at least one additional distribution to shareholders as it continues to execute on its liquidation plan, the possibility of additional distributions to shareholders, the Company’s intent to continue to provide limited financial information to investors, and the Company’s expectation that its common stock will continue trading on the OTC Pink marketplace, and other statements identified by words such as “will”, “expect”, “intends”, “believe”, “anticipate”, “estimate”, “should”, “intend”, “plan”, “potential”, “predict” “project”, “aim”, and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Sigma Designs, as well as assumptions made by, and information currently available to, such management, and involve risks and uncertainties, many of which are beyond Sigma’s and its management’s control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place reliance on such statements.
Particular uncertainties that could materially affect future results include any risks associated with the proposed completion of Sigma’s Plan of Liquidation and Dissolution, such as: (1) uncertainties as to the timing and expense related to remaining liquidation and shut down activities, including the shutdown of international subsidiaries; (2) unexpected claims of third parties that have not yet been presented to Sigma; (3) unexpected costs, charges or expenses realized in the process of winding down, and (4) the ability of Sigma to continue to affect measures to increase the available cash for distribution to shareholders through the previously reported plan to wind down.
The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction Sigma Designs’ filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, and which discuss additional important risk factors that may affect their respective businesses, results of operations and financial conditions. Sigma Designs undertakes no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact: IR@sigmadesigns.com