KIT digital to swap Czech HQ with NYC

Associated Press

PRAGUE (AP) — Video technology company KIT digital, Inc. has announced it is moving its corporate headquarters from Prague to New York.

KIT digital says the relocation to "the intersection of the global media industry" should help support the company's "growth in the important broadcaster and network operator markets" as well as save costs.

KIT digital will still have a technology and development center in the Czech capital.

It says its share will continue to be traded on the NASDAQ Global Select market and will remain on the Prague Stock Exchange for an unspecified short period of time before delisting.

KIT digital shares were down 2.45 percent to 79.50 koruna ($3.85) in Thursday morning trading in Prague.