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This page contains random notes about the moat, management quality, industry, risk, portfolio managers, shareholder activism etc., of micro/small cap stocks (US-listed). Except for shareholder activism, the focus is on the companies between $50 million to $2 billion market capitalization.

Equitable Financial Corp: Is slapping shareholders with “voluntarily delisting” a new way to frustrate an activist shareholder?

On July 10, 2018, Equitable Financial Corp. (EQFN) announced that it had notified The Nasdaq of its intend to voluntarily delist its common stock from The Nasdaq Stock Market. Even though the company argued that delisting would “eliminate the administrative and annual fees associated with being listed on Nasdaq.” After the delisting news surfaced, Mr. Parsow of Elkhorn Partners released a letter expressing his displeasure and wrote that delisting entrenches the Board to the detriment of other stockholders.

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