SkyPeople Fruit Juice (SPU) Requests Hearing Before NASDAQ Hearings Panel
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SkyPeople Fruit Juice, Inc. (Nasdaq: SPU) announced that it has requested a hearing before the NASDAQ Hearings Panel to appeal the delisting determination from the staff of the Listing Qualifications Department of NASDAQ (the "NASDAQ Staff"). In response, Company has received notification from the NASDAQ Stock Market that the delisting of its common stock has been stayed for a period of 15 calendar days, or until November 3, 2016, and its hearing before the NASDAQ Hearings Panel has been scheduled for December 15, 2016.
The delisting determination Letter, received on October 12, 2016, notified the Company that since it had not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2016 and June 30, 2016, respectively, by October 11, 2016, the deadline by which the Company was to file all reports in order to regain compliance with NASDAQ Listing Rule 5250(c)(1), the Company's common stock is subject to delisting from the NASDAQ Global Market.
On October 19, 2016, the Company submitted a request for a hearing before the NASDAQ Hearings Panel under Listing Rule 5815(a) to present its plan to regain compliance with Rule 5250(c)(1). As the request will only stay the delisting action for 15 calendar days from yesterday's deadline to request a hearing, the Company also requested a further stay of the suspension of trading and delisting of the Company's common stock while its appeals process is pending with the NASDAQ Hearings Panel.
Subsequent to the Company's request for a hearing and the extension of the stay, a Hearings Advisor for the NASDAQ Stock Market notified the Company that the delisting action referenced in the NASDAQ Staff's determination letter has been stayed for a period of 15 calendar days, or until November 3, 2016. Upon expiration of the stay period, the Company's shares will be suspended from trading unless the NASDAQ Hearings Panel grants an extension of the stay pending the hearing. The Company will be notified of the NASDAQ Hearings Panel's determination whether to grant an extended stay before the expiration of the 15-day stay period.
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