GRN Holding Corporation Files to Suspend SEC Registration

Rhea-AI Summary

GRN Holding Corporation (OTC PINK:GRNF) has filed a Form 15 to terminate its registration under the Securities Exchange Act of 1934, suspending its obligation to file periodic reports with the SEC. The termination will be effective 90 days post-filing. Despite this, GRNF aims to maintain trading on the OTC Pink Sheets and will disclose financials quarterly and annually via OTC Markets. The decision reflects considerations of the costs associated with reporting and prolonged legal issues regarding acquisition targets, leading to the withdrawal of open acquisition intents.

Positive

• GRNF will continue to trade on the OTC Pink Sheets after SEC registration termination.
• The company plans to disclose financial statements through OTC Markets, maintaining some level of reporting.

Negative

• Termination of SEC registration reduces investor transparency due to less stringent reporting requirements.
• Withdrawal of acquisition letters of intent suggests potential strategic setbacks or instability.

SEATTLE, WA / ACCESSWIRE / May 18, 2021 / GRN Holding Corporation, (OTC PINK:GRNF, the "Company") announced the filing of a Form 15 "Certification and Notice of Termination of Registration Under Sections 12(g) of the Securities Exchange Act of 1934, after considering the advantages and disadvantages of being an SEC reporting company. Upon the filing of the Form 15, GRN Holding Corporation's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company's duty to file reports with the SEC will be terminated 90 days after the filing of the Form 15. Despite the termination of registration, the Company expects that shareholders will be able to continue to trade the outstanding common shares of GRNF, and the Company intends to maintain a public listing on the OTC Pink Sheets market or other exchange as it may determine appropriate. The Company plans to disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service as an alternative reporting company. However, the Company cannot guarantee that trading in its common stock will continue on OTC Markets or any other forum.

The company's management team evaluated the costs associated with the preparation and filing of reports, along with the expenses of outside legal and accounting resources combined with internal resources in reaching this conclusion.

In addition, the Company considered its acquisition target partners and the potential impact of some prolonged legal issues raised by specific shareholders. In an effort to mitigate any unnecessary risk to our partners, the Company is withdrawing any open letters of intent related to potential acquisitions.

About GRN Hold Corporation

GRN Holding Corporation (OTC:GRNF) is a Nevada-registered publicly traded company.

For more information, please contact:
Justin Costello
IR@grnholding.com

Forward-looking Statements

This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.

SOURCE: GRN Holding Corporation

View source version on accesswire.com:
https://www.accesswire.com/647943/GRN-Holding-Corporation-Files-to-Suspend-SEC-Registration

FAQ

What is the significance of GRNF's Form 15 filing?

The Form 15 filing allows GRNF to suspend its SEC reporting obligations, potentially reducing its operational costs and administrative burdens.

Will GRNF shares still be tradable after the SEC registration termination?

Yes, GRNF expects its shares to continue to trade on the OTC Pink Sheets despite the termination of SEC registration.

Why did GRNF withdraw its acquisition letters of intent?

GRNF withdrew its acquisition letters to mitigate risks related to ongoing legal issues raised by certain shareholders.

What reporting method will GRNF use after the SEC registration termination?

After terminating SEC registration, GRNF plans to disclose financial statements through the OTC Markets reporting service.