SkyPeople Announces Receipt of Delisting Determination Letter from Nasdaq
SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) (“SkyPeople” or “the Company”), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, announced that on October 12, 2016, the Company received a delisting determination letter (the “Determination Letter”) from the staff of the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”).
SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, announced that on October 12, 2016, the Company received a delisting determination letter (the "Determination Letter") from the staff of the Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ"). The Determination 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, (together, the "Reports") 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.
The Determination Letter further noted that unless the Company requested an appeal of the Staff's determination no later than 4:00 pm Eastern Time on October 19, 2016, trading of the Company's common stock on The NASDAQ Global Market will be suspended at the opening of business on October 21, 2016, and a Form 25-NSE would be filed with the Securities and Exchange Commission (the "SEC") removing the Company's securities from listing and registration on The NASDAQ Stock Market.
The Company intends to timely request a hearing before the NASDAQ Hearings Panel (the "Panel") under Listing Rule 5815(a) to present its plan to regain compliance with the rule, which request will automatically stay the delisting of the Company's securities for 15 calendar days from the deadline to request a hearing. In connection with its request for a hearing, the Company also intends to request a further stay of the suspension of trading and delisting of the Company's common stock while the appeals process is pending. The Panel will notify the Company of its decision if it will allow the Company's common stock to continue to trade on The NASDAQ Global Market pending the Panel's decision. The Panel may, at its discretion, determine to continue the Company's listing pursuant to an exception to Listing Rule 5815(a) for a maximum of 360 calendar days from the due date of the Form 10-K, which would be through April 9, 2017; however, there can be no assurance that the Panel will grant any or all of such exception.
As previously disclosed, on each of April 20, 2016, May 24, 2016 and August 17, 2016, the Company received a notification letter from the staff of the Listing Qualifications Department of NASDAQ indicating that the Company was not in compliance with NASDAQ's continued listing requirements because the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1) with respect to the Form 10-K and Form 10-Q Reports.