News Column

CHINANET ONLINE HOLDINGS, INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Regulation FD Disclosure, Financial Statements and Exhibits

July 2, 2014



Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

By a letter dated June 30, 2014, the Listing Qualifications Department of the NASDAQ Stock Market LLC (the "NASDAQ") advised ChinaNet Online Holdings, Inc. (the "Company") that, based on its further review and the materials submitted by the Company on June 16, 2014, NASDAQ has determined to grant an exception to enable the Company to regain compliance with NASDAQ's filing requirements as set forth in Listing Rules 5250(c)(1) (the "Rule"). On April 16, 2014 and May 22, 2014, NASDAQ notified the Company that it did not comply with the Rule because it had not filed its Form 10-K for the period ended December 31, 2013 (the "Form 10-K") and its Form 10-Q for the period ended March 31, 2014 (the "Form 10-Q"), respectively. However, on June 16, 2014, the Company filed the Form 10-K with the Securities and Exchange Commission (the "SEC"), therefore, it is no longer non-compliant with this filing. In this June 30, 2014 letter, NASDAQ notified that the Company must file the Form 10-Q as required by the Rule on or before July 31, 2014. In the event the Company does not satisfy the terms of the exception, NASDAQ will provide written notification that its securities will be delisted. At that time, the Company may appeal NASDAQ's determination to a Hearings Panel.

By another letter dated June 30, 2014, NASDAQ advised the Company that as a result of the filing of the Form 10-K, the Company is no longer non-compliant with the filing of the Form 10-K. However, since NASDAQ has not received the Form 10-Q, the Company remains non-compliant with the Rule.

The Company is continuing to work diligently to complete the Form 10-Q. These notifications have no immediate effect on the listing of the Company's common stock on NASDAQ. There can be no assurance, however, that the Company will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.

Item 7.01. Regulation FD Disclosure.

The Company issued a press release on July 2, 2014, disclosing its receipt of NASDAQ's notifications letters dated June 30, 2014 as disclosed under Item 3.01 above. A copy of the press release is attached as Exhibit 99.1.

The information set forth in this Item 7.01 of Form 8-K is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

No. Description 99.1 Press Release dated July 2, 2014



--------------------------------------------------------------------------------


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters