CDC Corporation Receives Letter From NASDAQ Relating To Its Late Form 20-F
CDC Corporation (NASDAQ: CHINA) announced today that it received a non-compliance notice from the NASDAQ Stock Market stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not timely filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2010. The notification has no immediate effect on the listing or trading of the company’s common stock on the NASDAQ Global Market. The NASDAQ letter indicated that the company has until September 19, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 20-F (or until January 11, 2012) to regain compliance.
As disclosed in the company’s Form 12b-25, Notification of Late Filing, filed with the Securities and Exchange Commission on July 1, 2011, the company has not yet completed its audited financial statements for the fiscal year ended December 31, 2010. If, for any reason, the company is unable to file its Form 20-F prior to September 19, 2011, the company intends to submit a plan to regain compliance to NASDAQ no later than September 19, 2011. No assurance can be given that NASDAQ will accept the company’s compliance plan or grant an exception for the full 180-day period contemplated by the NASDAQ Listing Rules. Under the NASDAQ rules, the company’s common stock will continue to be listed on NASDAQ until September 19, 2011, and for any exception period that may be granted to the company by NASDAQ. However, until the company regains compliance, quotation information for the company’s common stock will include an indicator of the company’s non-compliance and the company will be included in a list of non-compliant companies on the NASDAQ website.
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