Business Services Industry
Ohio-based Max & Erma's decides to stay public
Catalyst (Dublin, Ohio), May-June, 2005
Columbus-based Max & Erma's Restaurants decided not to delist from the NASDAQ Stock Market. Max & Erma's previously announced it would go private due to the cost of Sarbanes-Oxley (SOX) regulations.
The reverse in course comes one month after the SEC gave small companies an additional year to meet financial-reporting requirements under SOX, according to The Columbus Dispatch.
Max & Erma's officials previously stated that SOX compliance would cost the company $450,000 more in accounting-related costs this year and $350,000 annually. Shareholders approved a plan to give up its stock registration, which would have negated the need to report to the SEC.
The SEC is considering making the short-term reprieve for small businesses permanent, according to The Columbus Dispatch.
For more on this story, contact Barbara Benton at bbenton@ohio-cpa.com or 800.686.2727, ext. 324.
This article ran in the Ohio e-CPA Weekly on April 4.
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