Talon International Inc. has filed paperwork with the Securities and Exchange Commission to voluntarily deregister its common stock and cease filing quarterly and annual reports to shareholders, the company announced Thursday.
The Woodland Hills maker of zippers, apparel fasteners and stretch fabrics said it expects to continue trading its stock on the over-the-counter market and it “intends to provide at least limited financial information to allow for public trading of company securities.”
Talon’s board voted unanimously in favor of the SEC filing. The company said the board considered many factors, including the costs of preparing and filing periodic reports, the cost of outside legal and accounting experts, the amount of time management spends on the reports and the nature and extent of trading of the company’s shares.
“We believe that suspending our SEC reporting obligations will allow us to better direct our financial and management resources to support the long-term growth of our business, including by focusing and developing our proprietary technologies, for the benefit of all of our stockholders,” Chief Executive Larry Dyne said in a statement.
Shares of Talon (TALN) closed Friday up 1 cent or 10.3 percent to 8 cents on the over-the-counter market.