China MediaExpress (CCME) Trading Halt Could Go On For Days
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Shares of China MediaExpress Holdings (Nasdaq: CCME) have been halted since 10:12AM today for "news pending," yet no news has been released from the company at this point.
Traders are waiting with bated breath for the news, good or bad. Because of the long halt, many are now assuming the news is bad, although that cannot be verified.
The halt is CCME is currently classified under a T1 halt, which reads "Trading is halted pending the release of material news." There is fear that NASDAQ could change the trading halt to T12, as was the case with RINO Intl (OTC: RINO), which was later delisted from NASDAQ after the company said its financial report can no longer be relied upon. A T12 halt would mean "Trading is halted pending receipt of additional information requested by NASDAQ."
StreetInsider.com reached out to NASDAQ to see if there will be a change in the trading halt status. "Each case is unique and therefore cannot predict anything with respect to this halt," a spokesperson for NASDAQ said.
In the situation with RINO, it took nearly two full business days for the company to release the news. All the while the stock was halted for "news pending." It wasn't until after the news that the trading status was changed. So it appears that NASDAQ will give the company some time to come up with this "news," before it moves forward with any further action on the halt or any possible delisting.
Until then, news could come out any minute. Please check the CCME page at StreetInsider.com for the latest developments.
Traders are waiting with bated breath for the news, good or bad. Because of the long halt, many are now assuming the news is bad, although that cannot be verified.
The halt is CCME is currently classified under a T1 halt, which reads "Trading is halted pending the release of material news." There is fear that NASDAQ could change the trading halt to T12, as was the case with RINO Intl (OTC: RINO), which was later delisted from NASDAQ after the company said its financial report can no longer be relied upon. A T12 halt would mean "Trading is halted pending receipt of additional information requested by NASDAQ."
StreetInsider.com reached out to NASDAQ to see if there will be a change in the trading halt status. "Each case is unique and therefore cannot predict anything with respect to this halt," a spokesperson for NASDAQ said.
In the situation with RINO, it took nearly two full business days for the company to release the news. All the while the stock was halted for "news pending." It wasn't until after the news that the trading status was changed. So it appears that NASDAQ will give the company some time to come up with this "news," before it moves forward with any further action on the halt or any possible delisting.
Until then, news could come out any minute. Please check the CCME page at StreetInsider.com for the latest developments.
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