Thursday, November 08, 2007
IS NATIONAL RV HISTORY?
RV Business
Thursday, November 8, 2007
National RV Holdings Inc. is taking steps with the Securities and Exchange Commission (SEC) to deregister its common stock.
The Perris, Calif.-based company, parent to motorhome builder National RV Inc., filed a form with the SEC that will “suspend its obligation to file reports.”
National RV Holdings said it is eligible because the company has fewer than 300 holders of record of its common stock. The company's obligation to file reports will terminate in 90 days, unless the SEC denies the filing, and it anticipates that deregistration of its common stock will become effective around Feb. 6, 2008.
"After assessing the advantages and disadvantages of remaining a registered company, our board of directors unanimously concluded that it is in the best interests of the company and its stockholders to deregister its shares,” said CEO Dave Humphreys. “The substantial out-of-pocket cost, as well as the significant demands on management's time and focus, necessary to comply with SEC reporting, including the additional costs that would be required in order to comply with Section 404 of the Sarbanes-Oxley Act, outweigh the benefits the company receives from maintaining its registered status.
“We believe that deregistering will allow us to reduce current expenses, avoid substantial future costs and free our management team to focus more of its time and resources on operating the company."
Thursday, November 8, 2007
National RV Holdings Inc. is taking steps with the Securities and Exchange Commission (SEC) to deregister its common stock.
The Perris, Calif.-based company, parent to motorhome builder National RV Inc., filed a form with the SEC that will “suspend its obligation to file reports.”
National RV Holdings said it is eligible because the company has fewer than 300 holders of record of its common stock. The company's obligation to file reports will terminate in 90 days, unless the SEC denies the filing, and it anticipates that deregistration of its common stock will become effective around Feb. 6, 2008.
"After assessing the advantages and disadvantages of remaining a registered company, our board of directors unanimously concluded that it is in the best interests of the company and its stockholders to deregister its shares,” said CEO Dave Humphreys. “The substantial out-of-pocket cost, as well as the significant demands on management's time and focus, necessary to comply with SEC reporting, including the additional costs that would be required in order to comply with Section 404 of the Sarbanes-Oxley Act, outweigh the benefits the company receives from maintaining its registered status.
“We believe that deregistering will allow us to reduce current expenses, avoid substantial future costs and free our management team to focus more of its time and resources on operating the company."
