BNS files to end registration with SEC

LOS GATOS, Calif. – BNS Holding Inc. (OTCBB: BNSIA), the holding company for specialty vehicle manufacturer Collins Industries, has filed an application to terminate its registration with the U.S. Securities and Exhange Commission.
The filing is part of a plan to achieve “significant cost savings” and a “reduced administrative burden” by eliminating the company’s obligation to file reports with the SEC, then-President and CEO Michael Warren said in a statement on Feb. 12. (READ MORE)
The plan included a reverse/forward stock split – buying out holders of fewer than 200 shares, at a rate of $13.62 per share – to pare the number of shareholders of record to below the SEC’s regulatory threshold.
The split was approved at a special shareholders meeting on July 19. It was completed on Aug. 13, reducing the company’s shareholders to fewer than 300, BNS said in a regulatory filing, and on Aug. 15, the company officially changed its corporate address from Middletown to Los Gatos.
The company’s application for deregistration was filed Aug. 23 and amended yesterday, in another SEC filing. The deregistration is expected to become effective within 90 days of the initial filing, BNS said.
The company has said it will continue to provide quarterly reports via a company Web site, though those documents will be less detailed. Its stock continues to be quoted on the Pink Sheets.
BNS Holding Inc. (OTCBB: BNSIA) is a holding company for Collins Industries, a specialty vehicle manufacturer whose products include ambulances, rescue vehicles, small school buses, terminal tractors and road construction equipment. To learn more, visit www.collinsind.com.
The company’s filings with the U.S. Security and Exchange Commission can be viewed in full at www.sec.gov.