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Security Profile
- Security Type
- Closed-End Fund
- CUSIP
- 901144105
- Market Cap
- Micro Cap · $10 Million
- Previous Symbol
- TUX
- Previous Name
- Bull & Bear Municipal Income Fund
Fund Description: Tuxis Corp. is a non-diversified, closed-end investment management company. The Fund's investment objective is to provide an attractive level of long term total return on an after tax basis, consisting of a combination of current income and capital appreciation. In seeking to achieve this objective, the Fund's investment policy is normally to invest at least 50% of its assets in municipal securities and the balance primarily in securities of selected growth companies and tax advantaged investments. The Fund is internally managed.
Notes: February 14, 2007 -- TUXIS CORPORATION ANNOUNCES INTENTION TO VOLUNTARILY DELIST COMMON STOCK FROM AMERICAN STOCK EXCHANGE AND TERMINATE REGISTRATION AS A PUBLIC COMPANY -- Tuxis Corporation today announced that it has submitted written notice to the American Stock Exchange of its intention to voluntarily delist its common stock from the AMEX. On or about February 26, 2007, the Company intends to file a Form 25 with the Securities and Exchange Commission to complete the voluntary delisting of its common stock from the AMEX, which will become effective 10 days after the filing date. Subsequently, the Company intends to file a Form 15 with the SEC to terminate the registration of its common stock under the Securities Exchange Act of 1934, as amended. The Company anticipates the termination of registration will become effective 90 days following the filing of the Form 15 with the SEC.
Upon filing of the Form 15, the Company’s obligation to file certain reports and forms, including Forms
10-KSB, 10-QSB and 8-K, with the SEC will immediately
be suspended.
Following the effectiveness of the Form 25 filing, the
Company anticipates that its common stock will be
quoted over-the-counter in the Pink Sheets to the
extent market makers commit to make a market in the
Company’s shares, although the Company can provide no
assurance that trading in the stock will continue.
Pink Sheets LLC is an electronic network through which
participating broker-dealers can make markets, and
enter orders to buy and sell shares of issuers. The
Company intends to seek to identify a registered
broker-dealer to sponsor the Company’s shares in the
Pink Sheets, and act as a market maker following
delisting of the Company’s shares from the AMEX. The
Company will further seek additional market makers for
the Company’s shares following delisting.
The Board of Directors decided to take this action
after considering the recommendation of a special
committee of the independent members of the Board of
Directors created to evaluate the issue. The committee
concluded that the disadvantages of maintaining its
listing on the AMEX and remaining a public company
outweigh the benefits to the Company and its
stockholders, and the Board concurred with the
committee’s recommendation. Among the factors
considered were:
* the ongoing costs and expenses, both direct and
indirect, associated with being listed on the AMEX and
the preparation and filing of the Company’s periodic
reports with the SEC;
* the increase in costs and expenses that the
Company expects to incur as a public company in light
of the Sarbanes-Oxley Act of 2002, particularly
complying with Section 404 of such Act;
* the limited trading volume and liquidity of the
Company’s stock on the AMEX; and
* the lack of analyst coverage for the Company’s
stock.
Delisting and deregistration will allow management to
focus its resources on implementing the Company’s
business plan and position the Company to enhance
long-term stockholder value. The Company intends to
update its stockholders with financial information on
a regular basis.
Commenting on these developments, Mark C. Winmill,
Chief Executive Officer of the Company, stated: “Costs
associated with public reporting obligations have a
real effect on our results. In addition, due to our
small market capitalization and modest revenue base,
we have not enjoyed many of the benefits traditionally
associated with an AMEX listing. Our Board believes
that stockholder value is best served through
emphasizing future profitability over the limited
benefits that have resulted from our current public
reporting status and AMEX listing. At this time, we
expect to report progress through quarterly earnings
announcements and annual audited financial statements.
We currently intend to make available annual reports
and other information to stockholders on our website,
www.tuxis.com.
Company Contact
- CHR
- Bassett S. Winmill
- TRS
- William G. Vohrer
- PRS
- Thomas B. Winmill
- Headquarters
- 11 Hanover Square, New York, NY 10005
- Phone
- 212-635-0671
- Fax
- 212-785-0400
- Investor Relations
- William G. Vohrer · 212-635-0671 · wvohrer@tuxis.com