Daxor Corporation

Issuing agencies

Full Text

<html>
<head>
<title>Federal Register, Volume 91 Issue 215 (Monday, November 9, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 215 (Monday, November 9, 2026)]
[Notices]
[Pages 70931-70933]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22749]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. IC-36320A; File No. 811-22684]


Daxor Corporation

November 4, 2026.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

-----------------------------------------------------------------------

    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.\1\
---------------------------------------------------------------------------

    \1\ The Commission issued a notice of application on September 
4, 2026, Release No. IC-36320. Applicant subsequently amended the 
application to add additional information regarding ongoing 
litigation to which Applicant is a party.

---------------------------------------------------------------------------
Applicant:  Daxor Corporation.

Filing Dates:  The application was filed on February 9, 2026, and 
amended on May 21, 2026, June 17, 2026, September 4, 2026, and October 
9, 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#2675434554435247545f550b6940404f45436655434508414950"><span class="__cf_email__" data-cfemail="98cbfdfbeafdecf9eae1ebb5d7fefef1fbfdd8ebfdfbb6fff7ee">[email&#160;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 November 30, 2026, and should 
be accompanied by proof of service on the Applicant, in the

[[Page 70932]]

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#6437010716011005161d17492b02020d0701241701074a030b12"><span class="__cf_email__" data-cfemail="b4e7d1d7c6d1c0d5c6cdc799fbd2d2ddd7d1f4c7d1d79ad3dbc2">[email&#160;protected]</span></a>.

ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#7221171100170613000b015f3d14141b1117320117115c151d04"><span class="__cf_email__" data-cfemail="82d1e7e1f0e7f6e3f0fbf1afcde4e4ebe1e7c2f1e7e1ace5edf4">[email&#160;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) 551-6720 or 
<a href="/cdn-cgi/l/email-protection#4d0400020e0e0d3e282e632a223b"><span class="__cf_email__" data-cfemail="c28b8f8d818182b1a7a1eca5adb4">[email&#160;protected]</span></a> (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 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 represents that it is not currently a party to any 
litigation or administrative proceeding that is material to its status 
as an ``investment company'' under the Act. Applicant states that it is 
party to litigation concerning alleged misappropriation of intellectual 
property by a former employee and to a related employment action 
brought by that former employee; however, Applicant represents that 
neither proceeding is material to the Applicant and that neither bears 
upon the determination of whether the Applicant has ceased to be an 
investment company within the meaning of the Act. Applicant represents 
that it 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.'' \2\
---------------------------------------------------------------------------

    \2\ 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).''
---------------------------------------------------------------------------

    3. Section 3(b)(1) of the Act provides that ``[n]otwithstanding 
paragraph (1)(C) of subsection (a), none of the following

[[Page 70933]]

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. 2026-22749 Filed 11-6-26; 8:45 am]
BILLING CODE 8011-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>