B Communications Announces Planned NASDAQ Delisting, Deregistration and Termination of Reporting to, SEC
TEL AVIV, Israel, Aug. 26, 2020 (GLOBE NEWSWIRE) -- B Communications Ltd. (NASDAQ Global Select Market and TASE: BCOM) (“BCOM” or the “Company”), a holding company with a controlling interest in Israel’s largest telecommunications provider, Bezeq, The Israel Telecommunication Corporation Limited (“Bezeq”) (TASE: BEZQ), announced today its intention to voluntarily delist its ordinary shares from the NASDAQ Global Select Market (“NASDAQ”). Following the effectiveness of that delisting, the Company furthermore intends to deregister, and terminate its reporting obligations, with the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended with respect to its ordinary shares. The required documentation for the delisting is expected to be filed with the SEC on or about September 8, 2020, while the filing for the deregistration and termination of reporting is expected to follow on or about September 21, 2020.
The delisting, deregistration and termination of reporting will not impact shareholders’ ownership of their ordinary shares, and such ordinary shares will continue to be listed and traded on the Tel Aviv Stock Exchange (the “TASE”) under the trading symbol “BCOM”. BCOM will furthermore continue to report in an ongoing manner to the Israel Securities Authority and the TASE.
The NASDAQ delisting and SEC deregistration/ termination of reporting will reduce the Company’s administrative costs and will eliminate the time and distractions of the management team associated with SEC reporting requirements. It will also enable the Company to increase its focus on the Company’s Israel-centered investor base.
BCOM’s board of directors decided to delist, deregister and terminate BCOM’s reporting obligations in the United States with respect to, its ordinary shares after careful consideration of the advantages and disadvantages of being a NASDAQ-listed, SEC reporting company. The board determined that the benefits of maintaining the Company’s U.S. listing and its status as a U.S. reporting company no longer outweigh the management time, cost and other burdens associated with such status. The board considered many factors in making that decision, including:
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