GOINGDARK–P进入休眠-过程和注意事项-PryorCashmanLLP.PDFVIP

July 2011 By: Selig D. Sacks 萨思力, Michael T. Campoli 迈克尔 坎波利 and David E. Parsly 戴伟德 (*) “GOING DARK” – PROCESS AND CONSIDERATIONS “进入休眠“进入休眠 ””- 过程和注意事项过程和注意事项 ““进入休眠进入休眠”” 过程和注意事项过程和注意事项 Due to recent market conditions, negative publicity generated by certain high profile accounting fraud allegations and legal actions, and increased scrutiny by the Securities and Exchange Commission (the “SEC”) and the Public Company Accounting Oversight Board, many public companies based in the People’s Republic of China that obtained listings on U.S. securities exchanges through a reverse merger with a publicly traded domestic shell company have seen their valuations decline despite positive business performance. This trend has caused many such companies to reexamine the costs and benefits of remaining a public reporting company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The costs associated with being a public company have increased dramatically over the past several years due, in part, to the continued requirements of the Sarbanes-Oxley Act. These costs are expected to rise as a result of further regulatory action arising from both the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the heightened scrutiny on China-based reverse merger companies by the SEC and other self-regulatory organizations. 由于近期的市场条件，某些高调会计欺诈指控及法律行动所导致的负面宣传，以及证券交易委员会 （以 下简称 “SEC ”）和上市公司审计监督委员会强化审查，许多通过与美国上市壳公司进行反向并购而在 美国证券交易所上市的中国公司的市值被低估，尽管其有良好的经营业绩。这种趋势已经引起许多此类 公司重新审视在修订的 1934 证券交易法 （以下简称“交易法”）下作为上市公司的成本和收益。在过 去几年内，部分由于萨班斯法案的持续要求，上市公司的相关成本显著增加。这些成本预计将因 2010 多德-弗兰克华尔街改革和消费者保护法，以及 SEC 和其他自律组织对中国反向并购企业的严加审查等 进一步监管措施而继续上升。 As a result of these pressures, management of such companies are increa