Beleaguered Singapore-based portable audio and media player (and more recently, “Made for iPod” accessories maker) Creative Technology said Thursday it intends to delist voluntarily from the Nasdaq Global Market to save on costs.
Beleaguered Creative will maintain its listing in Singapore (SGX-ST, since 1994), according to a statement posted on its Web site.
The beleaguered company, whose CEO Sim Wong Hoo once declared “war” on Apple iPod back in November 2004 with, “The MP3 war has started and I am the one who has declared war… It’s our target to beat iPod… I’m planning to spend some serious money. I intend to out-market everyone… Creative is targeting a 40 percent share of the global MP3 market [in 2005],” said its last trading day on Nasdaq will be August 1.
Beleaguered Creative’s press release – quick, read it before they try to “save costs” on web hosting, too – here.
@TMF
I knew that….I was trying to develop a …Hoo is on second…(it Sims that Hoo was on second but that was Wong)….but it was taking too long.
Buster: aha! (hmmmm)
To Wong Hoo Thanks for Everything, Truly No War?
Read the release. It’s not the cost of listing on NASDAQ… it’s the cost of “US reporting obligations” — that is the cost of complying with US securities laws.
This is a REAL problem people–chasing capital into foreign exchanges. If current trends continue, London is likely to replace NY as the financial capital of the world (some say it already has).
The thing the congress doesn’t seem to get is that criminals BREAK laws… Enron didn’t happen because the laws were too lax, it happened because it’s management ignored/broke the law. Tougher regulations just impose a burden on the law abiding.
America has a couple of areas where it has dominated the world–Silicon Valley and Wall Street. Wall St is losing it’s place due to Sarbox regulatory burdens (and shareholder suits), and Silicon Valley is threatened when we restrict skilled foreign workers and students from coming here.
It’s a big world out there, we’re a small part of the population, and if we make it difficult for the world to come here, they’ll just do their business elsewhere.
It isn’t just the Creatives… it’s a lot of IPOs of foregin companies that used to take place here that don’t any more. If Creative were in its ascendancy instead of decline and going public right now, they’d likely never list on NASDAQ in the first place.