Notice2026-18387
Daxor Corporation
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 9, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 173 (Wednesday, September 9, 2026)</title>
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[Federal Register Volume 91, Number 173 (Wednesday, September 9, 2026)]
[Notices]
[Pages 57399-57400]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18387]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 36320; File No. 811-22684]
Daxor Corporation
September 4, 2026.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
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Notice of an application for deregistration under section 8(f) of
the Investment Company Act of 1940 (the ``Act'').
Summary of Application: Applicant requests an order declaring that it
has ceased to be an investment company.
Applicant: Daxor Corporation.
Filing Dates: The application was filed on February 9, 2026, and
amended on May 21, 2026, June 17, 2026, and September 4, 2026.
Hearing or Notification of Hearing: An order granting the request will
be issued unless the Commission orders a hearing. Interested persons
may request a hearing on any application by emailing the SEC's
Secretary at <a href="/cdn-cgi/l/email-protection#97c4f2f4e5f2e3f6e5eee4bad8f1f1fef4f2d7e4f2f4b9f0f8e1"><span class="__cf_email__" data-cfemail="1546707667706174676c66385a73737c7670556670763b727a63">[email protected]</span></a> and serving the Applicant with a
copy of the request by email, if an email address is listed for the
Applicant below, or personally or by mail, if a physical address is
listed for the Applicant below. The email should include the file
number referenced above. Hearing requests should be received by the
Commission by 5:30 p.m., Eastern time, on September 29, 2026, and
should be accompanied by proof of service on the Applicant, in the form
of an affidavit or, for lawyers, a certificate of service. Pursuant to
rule 0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by emailing the Commission's Secretary at <a href="/cdn-cgi/l/email-protection#2e7d4b4d5c4b5a4f5c575d03614848474d4b6e5d4b4d00494158"><span class="__cf_email__" data-cfemail="9fccfafcedfaebfeede6ecb2d0f9f9f6fcfadfecfafcb1f8f0e9">[email protected]</span></a>.
ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#ca99afa9b8afbeabb8b3b9e785acaca3a9af8ab9afa9e4ada5bc"><span class="__cf_email__" data-cfemail="98cbfdfbeafdecf9eae1ebb5d7fefef1fbfdd8ebfdfbb6fff7ee">[email protected]</span></a>. Applicant: Robert
J. Michel, Daxor Corporation, 107 Meco Lane, Oak Ridge, TN 37830; and
Peter D. Fetzer, Foley & Lardner LLP, 777 East Wisconsin Avenue,
Milwaukee, WI 53202.
FOR FURTHER INFORMATION CONTACT: Adam M. Large, Senior Special Counsel,
or Thomas M. Ahmadifar, Branch Chief, at (202) 551-6825 (Division of
Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number at the top of
this document, or for the Applicant using the Company name search field
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at
<a href="https://www.sec.gov/search-filings">https://www.sec.gov/search-filings</a>. You may also call the SEC's Office
of Investor Education and Assistance at (202) 551-8090.
Applicant's Representations
1. Applicant was originally incorporated in New York State as
Iatric Corporation in May 1971 for cryobanking services and
discontinued these services through its wholly-owned subsidiary,
Scientific Medical Systems in 2017. In October 1971, the name Iatric
Corporation was changed to Idant Corporation. In May 1973, the name
Idant Corporation was changed to Daxor Corporation.
2. Applicant currently operates as a radiopharmaceutical company
and medical device manufacturer selling Volumex Test Kits used with its
BVA Companion Analyzer.
3. The Applicant states that it is not engaged in the business of
investing, reinvesting, owning, holding or trading in securities. In
the past, the Applicant was dependent upon earnings from its investment
portfolio to fund operations and was required under the Act to register
with the Commission as an investment company. Specifically, on March
30, 2012, the company filed a Form N-8A with the Commission to register
as a closed-end management investment company under the Act.
4. Applicant states that it liquidated the remainder of its
investment securities (as defined in section 3(a) of the Act)
(``Investment Securities'') over the course of 2024 and 2025. As of
December 31, 2024 and June 30, 2025, in aggregate, Applicant's
investment securities represented approximately 3.11% and 1.10%,
respectively, of Applicant's total assets measured at fair value on an
unconsolidated basis (exclusive of Government securities and cash
items).
5. Applicant further states that, as of December 31, 2025,
Applicant held no Investment Securities, and Applicant continued to
hold no Investment Securities as of the filing date of its Second
Amended Application.
6. Applicant states that it is no longer dependent upon earnings
from its investment portfolio to fund operations, and Applicant is and
holds itself out as a radiopharmaceutical company and medical device
manufacturer selling Volumex Test Kits used with its BVA Companion
Analyzer.
7. Applicant expects to continue to earn a majority of its gross
income from its medical device operations and expects to have no income
from Investment Securities, as it will hold funds pending use in its
operating business in cash items or Government securities.
8. Applicant represents that it has always conducted its business
as an operating company, and that it had never primarily been in, or
held itself out to be in, the business of investing, reinvesting,
owning, holding or trading in securities. Applicant further represents
that its registration under the
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Act resulted from the percentage of its total assets that at one time
consisted of investment securities, and not from the nature of its
business. As such, because Applicant did not change the nature of its
business, Applicant states that neither the disposition of its
investment securities, nor its resulting cessation of investment
company status, nor the filing of the Application, required the
authorization of a majority of Applicant's outstanding voting
securities under Section 13(a)(4) of the Act.
9. Applicant states that it is not currently a party to any
litigation or administrative proceeding and has timely complied with
its obligations to file annual and other reports with the Commission.
10. Applicant represents that its common stock has continuously
been traded since its initial public offering. Specifically, the
company's common stock is traded on Nasdaq under the symbol DXR. As of
May 19, 2025, the company's authorized securities consisted of
10,000,000 shares of common stock.
11. Further, Applicant represents that it is, and will remain,
subject to the reporting requirements of Section 13(a) of the
Securities Exchange Act of 1934, as amended (the ``Exchange Act.
Following deregistration as an investment company under the Act,
Applicant will continue to file periodic and current reports with the
Commission under the Exchange Act, including reports on Forms 10-K, 10-
Q and 8-K, as an operating company.
Applicant's Legal Analysis
1. Section 8(f) of the Act provides that whenever the Commission,
upon application or its own motion, finds that a registered investment
company has ceased to be an investment company, the Commission shall so
declare by order and upon the taking effect of such order, the
registration of such company shall cease to be in effect.
2. Section 3(a)(1)(A) of the Act defines an ``investment company''
as any issuer that ``is or holds itself out as being engaged primarily,
or proposes to engage primarily, in the business of investing,
reinvesting, or trading in securities.'' Section 3(a)(1)(C) of the Act
defines an ``investment company'' as any issuer that ``is engaged or
proposes to engage in the business of investing, reinvesting, owning,
holding, or trading in securities, and owns or proposes to acquire
investment securities having a value exceeding 40 per centum of the
value of such issuer's total assets (exclusive of Government securities
and cash items) on an unconsolidated basis.'' \1\
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\1\ Section 3(a)(2) of the Act defines ``investment securities''
as ``all securities except (A) Government securities, (B) securities
issued by employees' securities companies, and (C) securities issued
by majority-owned subsidiaries of the owner which (i) are not
investment companies, and (ii) are not relying on the exception from
the definition of investment company in paragraph (1) or (7) of
subsection (c).''
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3. Section 3(b)(1) of the Act provides that ``[n]otwithstanding
paragraph (1)(C) of subsection (a), none of the following persons is an
investment company within the meaning of this title: (1) any issuer
primarily engaged, directly or through a wholly owned subsidiary or
subsidiaries, in a business or businesses other than that of investing,
reinvesting, owning, holding, or trading in securities.'' Rule 3a-1
under the Act states that ``[n]otwithstanding section 3(a)(1)(C) of the
Act, an issuer will be deemed not to be an investment company under the
Act, provided, that: (a) no more than 45 percent of the value (as
defined in section 2(a)(41) of the Act) of such issuer's total assets
(exclusive of Government securities and cash items) consists of, and no
more than 45 percent of such issuer's net income after taxes (for the
last four fiscal quarters combined) is derived from, securities other
than: (1) Government securities; (2) securities issued by employees'
securities companies; (3) securities issued by majority-owned
subsidiaries of the issuer (other than subsidiaries relying on the
exclusion from the definition of investment company in section 3(b)(3)
or (c)(1) of the Act) which are not investment companies; and (4)
securities issued by companies: (i) which are controlled primarily by
such issuer; (ii) through which such issuer engages in a business other
than that of investing, reinvesting, owning, holding or trading in
securities; and (iii) which are not investment companies; (b) the
issuer is not an investment company as defined in section 3(a)(1)(A) or
3(a)(1)(B) of the Act and is not a special situation investment
company; and (c) the percentages described in paragraph (a) of this
section are determined on an unconsolidated basis, except that the
issuer shall consolidate its financial statements with the financial
statements of any wholly-owned subsidiaries.''
4. Applicant states that it is no longer an investment company as
defined in section 3(a)(1)(A) or section 3(a)(1)(C). As noted above,
Applicant states that, as of December 31, 2025, as well as through the
date of the filing of its Second Amended Application, it did not hold
any investment securities (exclusive of Government securities and cash
items). Applicant asserts that it is primarily engaged in the business
of owning, operating, and managing its business as a
radiopharmaceutical company and medical device manufacturer. Applicant
argues that its historical development, its public representations, the
activities of its directors and officers, the nature of its present
assets and the sources of its present income support this assertion.
Applicant states that it is thus qualified for an order of the
Commission pursuant to section 8(f) of the Act.
For the Commission, by the Division of Investment Management,
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18387 Filed 9-8-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 9, 2026.
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