Wednesday, January 19, 2005

Max and Erma's to leave Nasdaq

Max & Erma's Restaurants Inc. plans to leave the Nasdaq National Market and end reporting to the Securities and Exchange Commission as it attempts to cut the expense of complying with the Sarbanes-Oxley Act.

Max & Erma's (Nasdaq:MAXE) told the SEC on Wednesday that shareholders will vote on the proposal at their annual meeting in April. The transaction would take about 30 days to complete following the vote.

The company said its shares likely would trade on the pink sheets, a daily publication of stock prices provided by market makers.

The Columbus-based restaurant chain said costs imposed by the Sarbanes-Oxley Act of 2002 prompted the proposal. Max & Erma's expects it will save $450,000 in compliance costs in the first year after the change, and $350,000 a year after that.

Max and Erma's to leave Nasdaq

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