NEW YORK, March 25, 2019 /PRNewswire/ — Sydys Corporation (OTCPK: SYYC, the “Company”), globally active biotechnology company developing immuno-oncology products, today announced that on March 25, 2019, the Company voluntarily filed a Form 15 with the United States Securities and Exchange Commission (the “Commission” or “SEC”) to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company expects deregistration to become effective within 90 days of the filing of the Form 15. As a result of the Form 15 filing, the Company’s obligations to file with the SEC certain periodic reports and forms, including Forms 10-K, 10-Q and 8-K, will be suspended as of the date of the filing of the Form 15.
The Company’s Board of Directors carefully considered the advantages and disadvantages of deregistration before approving the filing of the Form 15, including such factors as the high costs of filing and preparing periodic reports for the SEC, the increased outside accounting, audit, legal and other expenses and costs associated with being a public reporting company, the burdens placed on management to comply with the Exchange Act reporting requirements, and the limited liquidity for the Company’s common stock.
The Company believes that following the filing of the Form 15 its shares of common stock will continue to be quoted on OTC Pink Marketplace, although there can be no assurances that a broker will continue to make a market in the Company’s common stock or that trading will continue in the future.
“We believe that by removing the expense burden that accompanies the SEC reporting requirements, it will allow us to focus our time and resources on building long-term value in the Company,” said Joseph Hernandez Executive Chairman of Sydys Corporation.
About Sydys Corporation
Sydys Corp is a globally active biotechnology company developing immuno-oncology products including an autologous dendritic cell immunotherapy that recently completed Phase II trials for ovarian cancer generating clinically meaningful progression free survival (PFS) and overall survival (OS) data. For more information, please visit www.sydyscorp.com.
FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s ability to realize anticipated cost savings from its deregistration, the ability to timely and effectively implement its future business plans, and any adverse effects on share price and liquidity following the Company’s deregistration. Other factors not currently anticipated may also materially and adversely affect the Company’s results of operations, financial position and cash flows. There can be no assurance that future results will meet expectation. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Sydys Corporation