NEW YORK ( TheStreet) -- The troubled Chinese reverse-merger company Fuqi International (FUQI), long under investigation by the Securities and Exchange Commission, announced Friday that Nasdaq will likely delist its stock, demoting the equity to the Pink Sheets.
Fuqi has failed to file a financial report with the SEC since the September quarter of 2009. It had also been attempting to restate results for that quarter as well as the previous two.
A jewelry manufacturer based in Shenzhen, across the harbor from Hong Kong, Fuqi said it will likely miss the March 28 deadline Nasdaq had set for filing all its delinquent SEC financial reports through Dec. 31, 2010. The company cannot apply for another extension.
Despite its troubles, Fuqi said it expects to apply for a re-listing on Nasdaq "at such time as the Company is able to comply with all requirements for initial listing."Fuqi came public in the U.S. through a reverse merger in 2006. A year later, it sold shares in a public offering and uplisted to Nasdaq.
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