SHENZHEN, China, March 25, 2011 /PRNewswire-Asia/ -- FUQI International, Inc. (Nasdaq: FUQI) today announced receipt of a notice of noncompliance from The NASDAQ Stock Market due to the Company's inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2010 with the Securities and Exchange Commission ("SEC"), which constitutes an additional basis for the delisting of the Company's securities from The NASDAQ Stock Market.
As previously reported, the Company has been in the process of preparing restated financial statements for the fiscal quarters ended March 31, June 30, and September 30, 2009 and had received notices from NASDAQ for not complying with NASDAQ's filing requirement as set forth in Listing Rule 5250(c)(1) (the "Rule") because the Company had not filed its Form 10-K for the year ended December 31, 2009 and Forms 10-Q for each of the periods ended March 31, June 30, and September 30, 2010.
The Company appeared before the NASDAQ Hearings Panel (the "Panel") on November 11, 2010, subsequent to which the Panel determined to continue the listing of the Company's common stock on The NASDAQ Stock Market subject to an extension through March 28, 2011, by which date the Company must file all delinquent reports with the SEC. Under NASDAQ's rules, the extension through March 28, 2011 represents the maximum length of time that the Panel may grant the Company to come back into compliance with its rules.
Since the Company is not able to make all such filings by March 28, 2011 and no further extensions are available, the Company expects to receive a delisting determination from the Panel in the very near term indicating that the Company's common stock will be delisted from The NASDAQ Stock Market. The Company will provide additional disclosure upon receipt of such notice from NASDAQ.The Company has been advised by Pink OTC Markets Inc., which operates an electronic quotation service for securities traded over-the-counter, that its securities are immediately eligible for quotation on the Pink Sheets. The Company anticipates that its shares will continue to trade under the symbol FUQI. Investors can view real time stock quotes for FUQI at http://www.otcmarkets.com. The Company anticipates applying for re-listing on NASDAQ at such time as the Company is able to comply with all requirements for initial listing.