No longer seeing the benefits of being public, Canton, MA-based wine maketer Geerlings & Wade on Sept. 30 filed documents with the Securities & Exchange Commission to go private.
Geerlings & Wade expects the deregistration to take effect within 90 days. In the meantime, the cataloger will be delisted from the Nasdaq SmallCap and expects to trade on the Pink Sheets.
“The burden placed on the company, given its size, for maintaining its public status is considerable, from a financial and strategic standpoint,” president/CEO Huib Geerlings said in a release. “Considering the lack of analyst coverage and the very thinly traded nature of our stock, the board of directors believes that the company and its shareholders are not receiving a meaningful benefit from being publicly traded.”
During the past 18 months, formerly public catalogers such as Lillian Vernon Corp., Concepts Direct, Successories, Zones, and Varsity Brands have gone or are going private.