MONTREAL, Quebec (BRAIN)—Canada’s Dorel Industries will no longer file certain reports with the U.S. Securities Exchange Commission, but remains a public company traded on the Toronto Stock Exchange.
Dorel recently purchased Cannondale and Sugoi to go with Pacific Cycle, and its stable of brands that include GT, Schwinn and Mongoose. GT is now operated under Dorel's Cannondale Sports Group division, which include Cannondale and Sugoi.
Dorel announced on April 1 that it would voluntarily file a form 15F with the SEC to end the registration of its Class B Subordinate voting shares, which will become effective in about 90 days. As of April 1, the company is not required to file annual reports with the SEC.
Dorel, which is traded under the DII.A and DII.B ticker symbols, will continue to file reports with the Canadian securities commissions in order to meet its disclosure obligations.
On March 7, 2007, Dorel voluntarily delisted its Class B Subordinate voting shares from the NASDAQ market, but said it would continue to file reports with the SEC until SEC rules permitted the company to stop doing so.
Dorel’s last filing with the SEC was a 2007 annual report on March 28, 2008.
Dorel is a $2 billion company with categories in juvenile products, home furnishings and bicycles. It grew its presence in the bike industry in early February with a $190 to $200 million deal to purchase Cannondale and Sugoi.
The company reported last month that it collected its highest net income ever in 2007 thanks to strong bicycle sales in the mass merchant and independent dealer channels.