SkyPeople Fruit Juice (SPU) Says Extended Stay of Suspension Granted by Nasdaq
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SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) today announced that it has been granted an extended stay as to the suspension of the Company's shares from trading by the NASDAQ Hearings Panel (the "Panel") until the Company's scheduled hearing before the Panel on December 15, 2016 and issuance of a final Panel decision.
On October 19, 2016, the Company requested a hearing before the Panel to appeal the delisting determination from the staff of the Listing Qualifications Department of NASDAQ (the "NASDAQ Staff"), which request automatically stayed the delisting of the Company's securities for 15 calendar days or until November 3, 2016. At the time of the request, the Company also requested an extension of the stay beyond the 15-day period. On November 2, 2016, the Panel notified the Company that it will extend the stay and maintain the status quo with respect to the Company's listing on the NASDAQ Global Market until it fully reviews the facts of the matter and makes a final determination regarding the Company's listing status following the December 15, 2016 hearing. The Panel also indicated that it will continue to monitor corporate events, and may revisit its determination at any time.
The Company's scheduled hearing before the Hearings Panel is to appeal a delisting determination letter received on October 12, 2016 from NASDAQ Staff. The letter 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 "NASDAQ Rule"), the Company's common stock is subject to delisting from the NASDAQ Global Market.
The Company is working assiduously to complete its delayed SEC filings of its financial statements and to regain compliance with the NASDAQ Rule as soon as possible.
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