Central European Distribution (CEDC) Receives Noncompliance Letter from Nasdaq
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On January 2, 2013, Central European Distribution Corporation (Nasdaq: CEDC) received a Staff Determination letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with Listing Rules 5620(a) and 5620(b) which require the Company to hold its annual general meeting of shareholders within one year of December 31, 2011 and to distribute a proxy statement and solicit proxies for that meeting. As a result, Nasdaq staff have determined to initiate procedures to delist the Company’s securities from the NASDAQ Stock Market. The letter also stated if the Company does not request an appeal of the staff determination to a Nasdaq Listing Qualification Panel (the “Panel”), trading of the Company’s common stock will be suspended at the opening of business on January 11, 2013, and Nasdaq will file a Form 25-NSE with the United States Securities and Exchange Commission to remove the Company’s securities from listing and registration on the Nasdaq Stock Market.
The Company intends to appeal the staff determination and to hold its annual general meeting of shareholders as soon as practicable. Although there can be no assurance that the Panel will grant the Company’s request for continued listing, the appeal will stay the delisting of the Company’s stock from The Nasdaq Global Market pending the Panel’s decision.
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The Company intends to appeal the staff determination and to hold its annual general meeting of shareholders as soon as practicable. Although there can be no assurance that the Panel will grant the Company’s request for continued listing, the appeal will stay the delisting of the Company’s stock from The Nasdaq Global Market pending the Panel’s decision.
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