Under Listing Rule 5840(j), an issuer may voluntarily terminate its listing upon compliance with the requirements of Rule 12d2-2(c) under the Exchange Act which requires, in part, that the company: (i) complies with all applicable state laws and NASDAQ rules; (ii) provides written notice to NASDAQ no fewer than 10 calendar days before the company files a Form 25 with the Commission, including a statement of the material facts related to the reason for the delisting; and (iii) publishes a notice of its intent to delist, along with the reasons, via a press release and on its web site, if it has one. The company or its counsel should provide the required written notice to NASDAQ by sending a letter to its Listing Qualifications analyst. NASDAQ will post notice that it received this notification on the List of Issues Pending Delisting.
Please note that if the company has received notice from NASDAQ, pursuant to Listing Rule 5800, that it fails to comply with one or more requirements for continued listing, or that is aware that it is below such continued listing requirements notwithstanding that it has not received such notice from NASDAQ, it must disclose this fact (including the specific continued listing requirement that it does not meet) in its Form 25, the related press release and web site notices. Removal of the securities from listing on The NASDAQ Stock Market will be effective no sooner than ten calendar days after the filing of the Form 25 with the SEC. (Updated: April 13, 2009)
BRM Price at posting:
$2.15 Sentiment: Hold Disclosure: Held
