Solar EnerTech Announces Filing of Form 15 to Deregister with the SEC
Solar EnerTech Corp. announced that it has retained FTI Consulting to review and explore strategic alternatives for the Company and has appointed a member of FTI Consulting as Chief Restructuring Officer. In addition, the Company announced that it has filed a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily deregister its common stock, par value $0.001 per share under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company’s obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended. The Company expects that the deregistration of its common stock will become effective 90 days after the date of filing of the Form 15 with the SEC. Thereafter, the Company will no longer be subject to the SEC’s public reporting requirements.
Solar EnerTech’s CEO, Leo Shi Young, explained, "As the Company’s liquidity and financial position continues to be more and more challenging and certain outstanding obligations become due, we have retained FTI Consulting to help us assess our situation and develop a plan for maximizing the return to our stakeholders. Our Chief Restructuring Officer will enable us to focus efforts on pursuing the strategic options available to us while management can continue its focus on Company operations. In addition, we have carefully evaluated the advantages and disadvantages to the Company of continuing registration with the SEC, and in light of the costs and administrative burdens associated with being a public company, our board has determined that deregistering will result in significant cost reductions necessary given the Company’s liquidity and financial position."
More news and information regarding the latest developments in Smart Grid electronics can be found at Darnell’s SmartGridElectronics.Net.