SteelCloud to deregister its common stock
- November 8, 2010
SteelCloud Inc., a developer of mobility computing appliance solutions, announced that it will voluntarily deregister its common stock on or about Nov. 29.
The Ashburn-based company plans to file a Form 15 with the Securities and Exchange Commission. By filing, Steelcloud’s obligation to submit certain reports with the SEC will be immediately suspended.
Steelcloud’s common stock is eligible for deregistration under the Securities and Exchange Act of 1934 because it is held by fewer than 300 stockholders of record.
The company’s board of directors said it approved deregistration because of the limited trading volume of common stock, the time demands placed on management to comply with SEC requirements, and the costs of preparing SEC reports and complying with the Sarbarnes-Oxley Act of 2002,.