Santa Ana-based Acme Communications Inc., an owner of television stations in midsize markets, plans to delist from Nasdaq as a way to save on costs related to being a public company.
Acme plans to delist its shares from Nasdaq and stop filing financial reports with the Securities and Exchange Commission, the company said.
The move is designed to cut costs of complying with regulations for public companies as well as listing fees, professional fees and other administrative costs, Acme said.
The company plans to file a delisting notice with the SEC on Oct. 24 with an expected end of trading on Nov. 3.
Acme’s shares then are expected to be traded on the low-profile Pink Sheets exchange.
The move isn’t a big one: Acme has a market value of about $8 million with about 16 million shares outstanding. About 25,000 Acme shares trade a week.
Acme plans to continue reporting quarterly and annual financial results in press releases, the company said.
The company owns and runs six stations across the county. Five are part of the CW Television Network. One is a MyNetworkTV affiliate.
Acme also produces “The Daily Buzz,” a three-hour weekday morning news program that airs on all of its stations and 100 others.
