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News Breaks
January 28, 2014
07:18 EDTHOLLHollywood Media to explore strategic alternatives that may include sale of asset
Hollywood Media announced that its board has concluded that voluntarily delisting the company's common stock from the Nasdaq and voluntarily deregistering from the reporting requirements of the Securities Exchange Act of 1934. The company expects that the delisting will take effect on February 17, 2014, and at that time the company's shares will no longer be traded on the Nasdaq. The company's board determined that voluntarily delisting and deregistering is in the overall best interests of the company after carefully considering several factors, including the cost savings that the company expects to realize as a result of the elimination of its obligation to file reports with the SEC and otherwise satisfying the rules and requirements of the SEC and Nasdaq. In addition, following such voluntary delisting and deregistering, the company's board anticipates that the company will explore strategic alternatives that may include, among other things, a sale of all of the company's assets to one or more buyers.
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