Gouverneur Bancorp Inc. delists voluntarily

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On the 12th of September Gouverneur Bancorp Inc. had announced that they notified the American Stock Exchange of their intent to suspend trading on their stock. They also plan to file a form 25. Form 25 is notification of removal listing or registration with securites and exchange commission. Gouverneur Bancorp Inc is delisting shares along with the announcement which was previously made for the 1-for-100 reverse and 100-for-1 forward stock splits, which were already approved by the board of directors. On September 25th a meeting will be held of stockholders to approve the split transaction. The purpose is to reduce the number of record holders of common stock to below 300. This is so the company can terminate the registration of common stock with SEC. If for any reason stock splits are not consummated the company will most likely rescind the voluntarily decision to delist.Gouverneur Bancorp Inc. has an inticipation of their shares trading on OTC bulletin board after the delisting takes place.
The expected date of delisting is October 2nd and if stockholders give approval on the split transactions, Gouverneur Bankcorp has intentions to file form 15 with SEC which is to voluntarily deregister their common stock, under the securities exchange act of 1934. File 15 will suspend the companys obligation to file certain reports with SEC. These reports include 8-K, 10-K, and 10-Q. Deregistration of common stock is expected by the company to take place 90 days after the filing with SEC the form 15.