Spanish Broadcasting System to Deregister Common Stock

RADIO ONLINE | Sunday, July 26, 2020

Spanish Broadcasting System

Spanish Broadcasting System (SBS) intends to voluntarily deregister its Common Stock. The global pandemic has provided need, reason and basis for the company to reduce expenses, so it made the decision to deregister the common stock, par value $0.0001 per share, eliminating the significant costs and administrative burdens of preparing and filing current and periodic reports with the Securities and Exchange Commission. SBS believes the expected savings of more than $1.5 million per year outweigh the advantages of continuing to be an SEC reporting company.

The company intends to promptly file a Form 15 Certification and Notice of Termination of Registration with the SEC in connection with its intention to deregister its common stock and suspend its obligations to file reports with the SEC. The company is eligible to file Form 15 because the its common stock is held by less than 300 holders of record.