The EMS company is eligible to deregister because it has fewer than 300 shareholders.

HEI expects deregistration to take effect after 90 days, if the SEC approves the company's application. As a result, HEI's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended.

The company believes the administrative and other economies and savings associated with de-registration are in the best interest of its shareholders. In addition, HEI says it would not be able to maintain NASDAQ listing for multiple reasons.

“HEI believes that deregistering is in the best interest of increasing long-term stockholder value. This action should result in accounting, legal and administrative expense reductions and allow HEI management to focus its attention, efforts and resources on HEI's operations and revenue growth," CEO Mark Thomas said.

HEI’s securities will no longer be eligible for quotation on NASDAQ; however, the company's securities may be eligible for quotation on the Pink Sheets by broker-dealers.

HEI designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged for the medical equipment and medical device, hearing, communications, and industrial markets.