MINNETONKA, Minn.--(BUSINESS WIRE)--ATC Venture Group Inc. (the “Company”) (NYSE MKT: ATC) announced that it will be returning its listing to the OTC Markets (the”OTC”) from the NYSE MKT (the “Exchange”). The Company’s common stock had previously been traded on the OTC.
“We believe that the transition to the OTC will provide existing and new shareholders a quality marketplace to trade our stock”
The Company expects that the stock will begin trading under a new 4-character ticker symbol on the OTC commencing on Monday, December 17, 2012. Investors will be able to view the Real Time Level II stock quotes for at http://www.otcmarkets.com.
“We believe that the transition to the OTC will provide existing and new shareholders a quality marketplace to trade our stock,” said Robert Davis, Chairman and CEO of the Company. “Furthermore, we believe that the turnaround process that we have been in for the past few years has led to a deeply depressed stock price, and a change to the new market may provide a fresh opportunity for new participants to become aware of us. In addition, there are substantial cost savings to the Company from this change.”
As previously disclosed, on October 5, 2012, the Company received notice from the NYSE MKT indicating that the Company no longer complied with the Exchange’s continued listing standards because the aggregate market value of its public float was less than $1.0 million for 90 consecutive days as set forth in Section 1003(b)(i)(C) of the Exchange’s Company Guide, because it had yet to file its Form 10-Q for the quarter ended June 30, 2012 as set forth in Sections 134 and 1101 of the Company Guide, and because of the low price of the Company’s common stock as set forth in Section 1003(f)(v) of the Company Guide. As a result, the Exchange staff recommended that the Company’s common stock be delisted. The Company appealed their determination.
On December 6, 2012, the Company’s appeal was heard by the Listing Qualifications Panel of the Exchange. On December 10, 2012, the Company received a letter from the Listing Qualifications Panel of the Exchange affirming the staff decision to delist the Company’s common stock.
Mr. Davis said, “After reflecting on the Company’s alternatives to the NYSE MKT, we are confident that our shareholders will be well served by the lower cost platform of the OTC, while we continue to work to create shareholder value. We believe this transition to the OTC will be a positive transition for existing and new shareholders to benefit from their involvement with our business.”
About ATC Venture Group Inc.:
ATC Venture Group is the parent company to Simonsen Iron Works Inc., an Iowa-based fabricator, powder coat painter, and assembler of metal-based products since 1906. It previously owned Cycle Country Accessories, which for over 30 years was the industry leading designer, manufacturer and marketer of snow plows and other accessories for the ATV/UTV Powersports industry, as well as previously owned several other Powersports and Golf industry product businesses.