ChinaCast (CAST) to Be Delisted frm Nasdaq for Failure to File Form 10-K
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ChinaCast Education Corporation (Nasdaq: CAST), has received a notification from the staff of The NASDAQ Stock Market LLC that the NASDAQ Staff has made a determination to delist the Company's securities. The NASDAQ decided to delist the Company's securities pursuant to discretionary authority under NASDAQ Listing Rule 5101 and in connection with the Company's failure to file its Form 10-K for the year ended December 31, 2011, as required by NASDAQ Listing Rule 5250(c).
In its notification letter, the NASDAQ Staff has provided the Company until May 9, 2012 to request an appeal hearing on the delisting determination. If the Company does not appeal by such date, trading of the Company's shares of common stock (which have been halted since April 2, 2012) will be suspended at the opening of business on May 11, 2012, and a Form 25NSE will be filed with the Securities and Exchange Commission, which will result in the Company's securities being removed from listing and registration on NASDAQ. The Company expects to submit an appeal request to the NASDAQ Hearings Panel on May 9, 2012. There can be no assurance that the NASDAQ Hearings Panel will grant the request for continued listing.
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In its notification letter, the NASDAQ Staff has provided the Company until May 9, 2012 to request an appeal hearing on the delisting determination. If the Company does not appeal by such date, trading of the Company's shares of common stock (which have been halted since April 2, 2012) will be suspended at the opening of business on May 11, 2012, and a Form 25NSE will be filed with the Securities and Exchange Commission, which will result in the Company's securities being removed from listing and registration on NASDAQ. The Company expects to submit an appeal request to the NASDAQ Hearings Panel on May 9, 2012. There can be no assurance that the NASDAQ Hearings Panel will grant the request for continued listing.
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