SkyPeople Fruit Juice receives delisting determination letter from NASDAQ
In a regulatory filing, SkyPeople Fruit Juice said that, on October 12, it received a delisting determination letter from the staff of the Listing Qualifications Department of The NASDAQ Stock Market LLC notifying the company that since the company 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 5250c1, 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 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 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 the Rule 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.