Principal Solar, Inc. a developer of utility scale solar power projects, announced today the voluntary filing of a Form 15 with the United States Securities and Exchange Commission (the "SEC") to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
The Company cited the benefits of significant cost savings, reduced administrative work load, and the opportunity to focus on ways to maximize shareholder value as some of its reasons for taking this step.
Michael Gorton, the CEO of PSI, says, “This decision reflects our careful consideration weighing the advantages and disadvantages of being a public company, the expense of compliance with the many SEC and Sarbanes-Oxley requirements, the market challenges associated with microcap companies, and our history of low volume trading. We expect to reduce costs while freeing up valuable management time that can be applied to more productive initiatives, building long-term value and strengthening our focus on the Company’s mission.”
About Principal Solar
Principal Solar, Inc. develops utility scale solar power projects. Housing original white papers authored by business and industry luminaries, PSI’s Principal Solar Institute is a key navigation point for companies involved in the mainstream energy mix.