Travel technology company TRX has taken steps to end the company's reporting obligations to the Securities and Exchange Commission (SEC).
TRX said it expects that the registration of its common stock will be terminated in 90 days, in accordance with SEC regulations.
CEO David Cathcart called the move a “positive change.”
“Suspending the SEC reporting obligations will allow the company to eliminate the substantial expenses associated with SEC reporting and compliance, and reinvest those resources elsewhere in the business,” Cathcart said. “It will also enable management to focus more of its time and effort driving business performance and enhancing shareholder value.”
TRX has traded over-the-counter securities since April 2010, when the company ceased trading on the Nasdaq because it did not meet the exchange’s minimum requirements for continued listing.
The company completed a $30 million initial public offering in September 2005.
TRX offers transaction-processing, expense-reporting and data intelligence solutions to travel agencies and corporate travel buyers.