Oct 5, 2012
EdgeWave, Inc. (PINK: EWVE), a leading provider in Secure Content Management solutions, announced today that it has filed a Form 15 with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its common stock and suspend its reporting obligations with the SEC. The Form 15, filed on September 5, 2012, will be the Company’s last filing with the SEC except for the Form 10-K and accompanying audited financial statements for the eight month transition periods ended August 31, 2012 and 2011, which is expected to be filed in November 2012. The Form 15 is expected to become effective no later than 90 days after filing.
The Board of Directors considered many factors in making the decision to deregister the Company’s common stock, including the cost associated with the Company’s ongoing SEC reporting obligations and the demands on management required to prepare and file the reports.
Lou Ryan, CEO of EdgeWave, Inc. said, “Our directors voted for the voluntary deregistration of our common stock after carefully considering the advantages and disadvantages of continuing registration. The costs and administrative burdens associated with being a public company, as well as the substantial demands on management time and resources outweigh the benefits we receive from maintaining our registered status. Although the cost savings associated with this decision provide EdgeWave the opportunity to invest more deeply in our business execution strategy, there are larger benefits to the company, such as allowing management to focus more of its time and resources on building long-term value,” added Mr. Ryan.
About EdgeWave, Inc.
EdgeWave Delivers the World's Safest Inboxes™ by eliminating email-borne security risks from targeted, socially engineered attacks. Our multi-layered Email Security Platform provides unparalleled predelivery protection, postdelivery detection and incident response to secure inboxes from today's proliferating messaging threats like ransomware, spear phishing, business email compromise and more. Headquartered in San Diego, CA, EdgeWave has more than 2,500 customers and over 3.5 million protected users worldwide.