19 Stocks Slapped With Delisting Warnings
Fuqi International (FUQI)
Company Profile: Fuqi International designs precious-metal in China. Fuqi gained listing in the U.S. through a reverse takeover, a process that has come under fire by short sellers and is a subject of an SEC investigation.Current Share Price: $5.24 (Feb. 7) Listing Violation: Proxy solicitation. The Nasdaq found that Fuqi has not solicited proxies or held its annual meeting of stockholders within the timeframe required under the Nasdaq's listing rules. Fuqi faces four other listing violations relating to delinquent quarterly financial filings dating back to quarter ended Dec. 31, 2009. Received Nasdaq Notice: Jan 5. Management's Expected Action: On Jan. 25, Fuqi said the Nasdaq has granted a request for an extension of time to comply with the annual shareholder meeting and proxy solicitation. Fuqi now has until May 9 to proxies and hold its annual meeting. The next deadline for Fuqi comes on March 28, as the company must file all delayed reports and any required restatements to the Securities and Exchange Commission.
OptimumBank Holdings (OPHC) Company Profile: OptimumBank operates as the bank holding company for OptimumBank, which provides community banking products and services to individuals and corporate customers in the Broward, Miami-Dade and Palm Beach counties of Florida. Current Share Price: $2.60 (Feb. 7) Listing Violation: Board independence. The listing rule requires the board of directors to have a majority of members who are independent. Independent director Jack Calloway resigned from OptimumBank's board of directors on Jan. 6, leaving the company with only three independent directors on its six member board. Received Nasdaq Notice: Jan. 10 Management's Expected Action: OptimumBank said it is actively seeking a qualified independent director to fill the vacancy on its board of directors. The Nasdaq listing rule provides the company with a cure period until either its next annual shareholders' meeting or Jan. 6, 2012, whichever is earlier. If the next annual shareholders' meeting is held before July 5, a resolution must come no later than that date.
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