Cathay Merchant Group, Inc. Submits Plan of Compliance with the American Stock Exchange
01 May 2007 - 11:30PM
Business Wire
On February 27, 2007, Cathay Merchant Group, Inc. (AMEX:CMQ) (the
�Company�) received notice from the staff of the American Stock
Exchange (the �Exchange�) indicating that the Company is not in
compliance with Section 704 of the Amex Company Guide, which
requires a listed company to hold meetings of its shareholders
annually to elect directors and take action on other corporate
matters. Specifically, the Company did not hold an annual meeting
of its stockholders during the five month transition year ended
December 31, 2005, and the year ended December 31, 2006. The
Company was afforded the opportunity to submit a plan of compliance
to the Exchange and presented the plan on April 11, 2007. On April
24, 2007, the Exchange notified the Company that it accepted the
Company�s plan of compliance and granted the Company an extension
until May 29, 2007, to regain compliance with the continued listing
standards. The Company will be subject to periodic review by staff
of the Exchange during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the extension period
could result in the Company being delisted from the Exchange.
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