What was the share price at listing? It was about 30 bucks +++. Now at less than 2 bucks? Wat a good company
when trading at Nasdaq 1992 -1994 it hits a high of usd$80/- or more.
Urban folklore has it that shortists profited immensely as it was perceived to be a one hit wonder ...the rest is history.
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Creative Technology Announces Its Intention To Voluntarily Delist From Nasdaq
SINGAPORE - June 14, 2007 - Creative Technology Ltd. (NASDAQ: CREAF) today announced that the Company intends to voluntarily delist its Ordinary Shares from the NASDAQ Global Market ("NASDAQ")
with August 1, 2007 as the last day of trading on NASDAQ and will continue with other steps necessary to facilitate the termination of its U.S. public reporting obligations. The Company's current primary listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”) would then become Creative's sole exchange listing. The delisting from NASDAQ would not affect the status of Creative's shares on the SGX-ST.
As part of this exercise to terminate its U.S. reporting obligations, Creative delivered notice today to NASDAQ that it intends to delist its Ordinary Shares. As disclosed in the notice, on or about July 23, 2007, Creative expects to file a notification of removal from listing on the NASDAQ with the United States Securities and Exchange Commission (the “SEC”). The withdrawal of the Ordinary Shares from listing should be effective 10 days after the filing of the notice on Form 25 with the SEC. Creative reserves the right to delay the filing of the Form 25 or withdraw the Form 25 for any reason prior to its effectiveness.
Creative currently intends to terminate its reporting obligations under the U.S. Securities Exchange Act of 1934 when it becomes eligible to do so, which will occur at the earliest twelve months after the delisting of its Ordinary Shares from NASDAQ and will occur only if Creative meets certain requirements under the Exchange Act.
Rationale for the Delisting from NASDAQ
Creative listed its shares on
NASDAQ following a public offering in 1992. The primary listing on
SGX-ST was added in 1994.
The administrative overhead and cost of the evolving and increasingly burdensome U.S. reporting obligations has become significant, especially for Creative, a Singapore company with dual primary listings - particularly in relation to the limited benefit that Creative believes it presently derives from its NASDAQ listing. Over the past year, Creative's SGX-ST trading volume has significantly exceeded the Company's NASDAQ trading volume. Creative's NASDAQ daily trading volume has declined to a low level, representing about ten percent of the worldwide average daily trading volume of its shares on both the SGX-ST and NASDAQ over the past three months. Additionally, there has been a trend for Creative's shares to move from NASDAQ to SGX-ST, where the majority of its shares are currently registered. With the low trading volume and small number of Creative's shares on NASDAQ, and the accessibility of the SGX-ST to the U.S. shareholders, Creative believes the costs of maintaining its NASDAQ listing and continuing with its U.S. reporting obligations are no longer in the best interest of the Company and its shareholders.
For these reasons, and with the potential to substantially reduce administrative overhead and costs while retaining its listing on the SGX-ST (which is also accessible to U.S. shareholders), the Directors of Creative believe it to be in the best interest of the Company and its shareholders for Creative to take the steps to seek to delist from NASDAQ and terminate its U.S. reporting obligations while maintaining its SGX-ST listing.