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Rating:23 Years Later, a $29B-AUM Firm Preps a Reversal Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 20, 2022

23 Years Later, a $29B-AUM Firm Preps a Reversal

Reported by Neil Anderson, Managing Editor

The team at a $28.713-billion-AUM (as of June 30), 45-year-old fund firm is preparing to step back from the reporting limelight a bit.

Mario J. Gabelli
Gabelli Asset Management Company
Chairman, CEO
On Friday, the Gamco Investors, Inc. [profile] team revealed that they have given notice to the New York Stock Exchange (NYSE) that the Gamco team plans to voluntarily delist their class A stock (GBL) from the NYSE and deregister under section 12(b) of the Exchange Act. According to the notice, Gamco will then list its shares on OTC Markets Group, Inc.'s OTCQX marketplace (for over-the-counter stock trading).

"The Board has determined that the burdens associated with operating as a registered public company outweigh any advantages to the Company and its stockholders at this time," the Gamco statement reads. "The Board's decision was baredon careful review of numerous factors, including the significant cost savings of no longer preparing and filing periodic reports with the SEC; the reduction of significant legal, audit and other costs associated with being a reporting company; as well as the substantial costs and demands on management's time under the Sarbanes-Oxley Act of 2002, SEC rules and NYSE listing standard."

The Gamco team expects GBL's last NYSE trading day to be October 6, the same day they expect their Exchange Act reporting obligations (such as filing forms 8-K, 10-Q, and 10-K with the SEC) to be suspended. They expect their common stock's deregistration to take effect 90 days later.

The moves come 23 years after Gamco IPOed on the NYSE back in in February 1999. Mario Gabelli, Gamco's chairman and CEO, founded the firm in 1977. 

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