Item 8.01 - Other Events
On December 11, 2019, TX Holdings, Inc., a Georgia corporation (the "Company"),
filed a Form 15 with the Securities and Exchange Commission ("SEC") to
voluntarily terminate the registration of its common stock under Section 12(g)
of the Securities Exchange Act of 1934, as amended ("Securities Exchange Act").
The Company may terminate the registration of its common stock by filing a Form
15 under Section 12(g) of the Securities Exchange Act because the Company has
fewer than 500 holders of record of its securities and the total assets of the
Company have not exceeded $10 million on the last day of each of the Company's
three most recent fiscal years. The Company's obligations to file periodic
reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
and Current Reports on Form 8-K, under Section 13(a) of the Securities Exchange
Act were suspended upon filing the Form 15. The termination of registration
under Section 12(g) of the Securities Exchange Act is expected to be effective
90 days after filing of the Form 15 at which time the Company's other filing
requirements under Section 13(a) of the Exchange Act will terminate.
The Company's common stock is quoted on the OTC Markets Group, LLC's OTC Pink
Market, a centralized electronic quotation service for over-the-counter
securities. For more information about the OTC Pink Market, please see
www.otcmarkets.com. The Company expects that its common stock will continue to
be traded on the OTC Pink Market as long as market makers demonstrate an
interest in trading in the Company's common stock. However, there is no
assurance trading in the Company's common stock will continue on the OTC Pink
Market or on any other securities exchange or quotation medium.
The decision of the Company's Board of Directors to terminate the registration
of the Company's common stock was based on the consideration of numerous
factors, including the costs of preparing and filing periodic reports with the
SEC, the outside accounting, audit, legal and other costs and expenses
associated with being a public company, the burdens placed on Company management
to comply with reporting requirements, and the low trading volume in the
Company's common stock.
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