• SEC Form 25 is for firms that wish to delist from a stock exchange.
• Compliance costs for SEC disclosure requirements cost businesses millions of dollars annually.
• Going private is when a company liquidates its shares and delists from the exchange.
• Going dark is when a company moves from a major exchange to the Pink Sheets.
• The SEC major disclosure forms are 10-K for annual, 10-Q for quarterly, and 8-K for current reports.

Understanding SEC Form 25

SECURITIES MAY BE DELISTED FROM AN EXCHANGE FOR VARIOUS REASONS. BONDS MAY HAVE MATURED, BEEN CALLED, OR REDEEMED BY A COMPANY. A COMPANY MIGHT WANT TO GO PRIVATE BY PAYING CASH FOR ALL OR A SUBSTANTIAL PORTION OF ITS PUBLIC SHARES, OR PERHAPS ITS OUTSTANDING SECURITIES HAVE BEEN EXCHANGED FOR CASH OR ANOTHER SECURITY AS PART OF A TAKEOVER. IT MIGHT JUST WANT TO VOLUNTARILY DELIST FROM A NATIONAL SECURITIES EXCHANGE OR INTER-DEALER QUOTATION SYSTEM, IN ORDER TO SUSPEND OR REDUCE THE COMPANY’S PUBLIC REPORTING OBLIGATIONS UNDER THE SECURITIES EXCHANGE ACT.COMPLIANCE COSTS ARE BURDENSOME FOR PUBLIC COMPANIES WITH A MARKET CAPITALIZATION OF LESS THAN $50 MILLION AND REVENUES UNDER $100 MILLION. COMPLIANCE COSTS FOR PUBLIC COMPANY STATUS CAN RANGE ANYWHERE FROM $1 MILLION TO $3 MILLION ANNUALLY. IF A COMPANY’S STOCK PRICE IS TUMBLING, IT CAN BE DIFFICULT TO FIND THE CAPITAL TO COMPLY WITH SEC DISCLOSURE REQUIREMENTS. NATURALLY, MANY SMALL COMPANIES DELIST DURING BUSINESS DOWNTURNS.

What is Pfizer’s reasoning for delisting its securities from the New York Stock Exchange?

Could it be potential loss of their liability shield for the COVID-19 injections?