CDC Corporation Receives Letter from NASDAQ Relating to its Late Form 20-F
22 July 2011 - 10:37PM
Business Wire
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.
About CDC Corporation
CDC Corporation is a China-based value-added operator of, and
growth investor in, hybrid (on premise and SaaS) enterprise
software, IT, and new media businesses. The company pursues two
value-added investment strategies. The first strategy includes
actively managing majority interests in its core portfolio of
hybrid enterprise software, IT services and New Media businesses,
adding value by driving operational excellence, top-line growth and
overall profitability. The second strategy includes identifying and
executing on opportunities to co-invest with leading venture
capital and private equity funds through minority interests in
fast growth companies in emerging markets related to CDC
Corporation’s core assets. This second strategy, which complements
the first, helps to mitigate risk and enhance deal flow for the
company. CDC Corporation expects to deliver superior returns and
additional value for its shareholders through these strategies, as
well as through its plans to declare and pay regular dividends in
the form of registered shares of its publicly listed subsidiaries
and other assets. For more information about CDC Corporation
(NASDAQ: CHINA), please visit www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding: (i) statements preceded by, followed by or
that include the words “may,” “could,” “should,” “would,”
“believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,”
“projects,” “outlook,” or similar expressions; and (ii) statements
regarding any potential exception to the NASDAQ Listing Rules that
may be granted to the company by NASDAQ, our intention to submit a
plan of compliance to NASDAQ, and other statements that are not
historical fact, the achievement of which involve risks,
uncertainties and assumptions, many of which are beyond our
control. These statements are based on management's current
expectations and are subject to risks and uncertainties and changes
in circumstances. There are important factors that could cause
actual results to differ materially from those anticipated in the
forward looking statements, including the possibility that NASDAQ
will not grant us an exception to the Listing Rules, or that any
such plan of compliance that we may submit will be acceptable to
NASDAQ. If any such risks or uncertainties materialize or if any of
the assumptions proves incorrect, our results could differ
materially from the results expressed or implied by the
forward-looking statements we make. All forward-looking statements
included in this press release are based upon information available
to management as of the date of the press release, and you are
cautioned not to place undue reliance on any forward looking
statements which speak only as of the date of this press release.
The company assumes no obligation to update or alter the forward
looking statements whether as a result of new information, future
events or otherwise. For these and other reasons, investors are
cautioned not to place undue reliance upon any forward-looking
statement in this press release.
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