SkyPeople Fruit Juice (SPU) Receives Additional Delisting Determination Letter from Nasdaq
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SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) today announced that on November 18, 2016, the Company received an additional delisting determination letter from the Staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq Staff") stating the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1), due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, and that this filing delinquency serves as an additional basis for delisting the Company's securities from the Nasdaq Stock Market.
Previously, on April 20, 2016, May 24, 2016, and August 17, 2016, Nasdaq Staff notified the Company that it did not comply with the Nasdaq Stock Market's filing requirements set forth in Listing Rule 5250(c)(1) (the "Rule") because it had not filed its Form 10-K for the period ended December 31, 2015 and its Forms 10-Q for the periods ended March 31, 2016 and June 30, 2016 (the "Reports").
On October 12, 2016, the Company received a delisting determination letter from the Nasdaq Staff because the Company had not filed the Reports by October 11, 2016, the deadline by which the Company was to file all the Reports in order to regain compliance with the Rule.
On October 19, 2016, the Company requested a hearing before the Nasdaq Hearings Panel (the "Panel") to appeal the delisting determination from the Nasdaq Staff. On November 2, 2016, the Company was granted an extended stay as to the suspension of the Company's shares from trading by the Panel until the Company's scheduled hearing before the Panel on December 15, 2016 and issuance of a final Panel decision.
As a result of this additional delinquency of Form 10-Q, the Panel will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Global Market. Pursuant to Listing Rule 5810(d), the Company plans to present its views with respect to this additional deficiency at the hearing.
As disclosed previously, the Company is working assiduously to complete its delinquent filings with SEC and to regain compliance with the Rule as soon as possible.
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