Piksel is no longer a publicly traded company and its securities are not traded on any exchange or OTC marketplace. In late 2013 and into early 2014, Piksel took steps to deregister its common stock and suspend the Company’s obligation to file reports with the Securities Exchange Commission (SEC) and provide financial and other information to its stockholders under the Securities Exchange Act.
As was previously announced, on October 4, 2013, Piksel filed a Form 15 with the SEC providing notice of the deregistration of Piksel’s common stock under the Section 12(g) of the Securities Exchange Act of 1934, as amended (the Securities Exchange Act), in reliance on Rule 12g- 4(a)(1) thereunder, because Piksel had no class of securities held of record by 300 or more persons. Termination of the registration of Piksel’s securities under the Securities Exchange Act became effective on January 2, 2014. In addition, on January 29, 2014, Piksel filed a Form 15 with the SEC providing notice that the Company’s reporting obligations under Section 15(d) of the Securities Exchange Act had been suspended. As a result, Piksel no longer has any obligation to file reports with the SEC or provide financial and other information to its stockholders under the Securities Exchange Act, nor does Piksel currently intend to provide stockholders with financial statements (annual, quarterly or otherwise) or detailed business updates.
The deregistration of Piksel’s common stock was determined by Piksel’s board of directors, after careful consideration, to be in the best interests of the company and its stockholders based on a number of factors, including (a) the disproportionately high costs of preparing and filing periodic reports with the SEC, (b) the accounting, legal, and other costs and expenses associated with being a public company and complying with the provisions of the Sarbanes-Oxley Act of 2002, and (c) the amount of time senior management and other personnel would be required to devote to matters related to Piksel’s public reporting obligations compared to the time they have available to devote to concentrating on Piksel’s business activities. We believe that deregistration has allowed us to significantly reduce our costs while still maintaining appropriate financial controls and practices.
As mentioned above, Piksel’s securities are currently not traded on any securities exchange or OTC marketplace. We do not intend to take steps to list the securities issued by Piksel on any exchange or OTC marketplace and we are not aware of any private means for the exchange of securities to take place between various security holders.
These decisions are regularly reviewed by the Board of Directors and are subject to change, but until further notice the reporting and listing status described above will remain in place.
You can find the latest Letter to Shareholders here: Letter to Shareholders_011415