KIT digital today announced that it is relocating the company's corporate headquarters from Prague to New York City. The company's location in Prague will become a technology and development center, supporting ongoing product development efforts. In connection with the move, the company will delist its stock from the Prague Stock Exchange. KIT digital's Board of Directors approved both decisions, and the company's shares will continue to be traded on the NASDAQ under the symbol KITD.
"New York sits at the intersection of the global media industry and our own investor and financial community. Our relocation supports our growth in the important broadcaster and network operator markets, and grants us greater access to U.S. investors and industry analysts," said Barak Bar-Cohen, Chief Executive Officer of KIT digital. "The move also streamlines and consolidates many key corporate functions, allowing us to realize additional cost savings."
The company's corporate marketing, communications, finance and administrative teams will now reside in New York City. The company's location in Prague will become a technology and development center, supporting ongoing product development efforts.
"We will continue to leverage our highly skilled Prague-based technology group to further develop our Cosmos video platform and broader product portfolio, supporting compelling IP video experiences for our customers," Mr. Bar-Cohen continued. "Our decision to delist from the Prague Stock Exchange was made in support of our ongoing consolidation process and desire to reflect that process in our investor relations activities."
As per regular delisting procedure, KIT digital's common stock will continue to be traded on the Prague Stock Exchange for a short transitional period. The delisting is not expected to have any material impact on KIT digital's overall trading volume or on the liquidity or marketability of the company's shares. No further details were provided.
(Source: KIT digital)