By Will Feuer
Shares of Bonso Electronics International fell more than 14% after the component maker said it plans to delist its shares from Nasdaq and deregister its stock under the Securities Exchange Act.
The stock was down by about 14% to $2.59 in premarket trading Tuesday. Over the past 12 months, shares were up 6.8% through Monday's close.
The company said it is deregistering its stock because its shares are owned by fewer than 300 holders. Chairman Anthony So said the company weighed the costs associated with continued listing on the Nasdaq, and determined that the benefits didn't justify the costs.
"For BNSO's size and the thinly traded nature of its stock, the board believes the financial and management burden is disproportionate to the benefits of maintaining both its listing and its registered status," he said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
June 13, 2023 06:28 ET (10:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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