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| VALV > SEC Filings for VALV > Form 8-K on 5-Jul-2012 | All Recent SEC Filings |
5-Jul-2012
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
On July 2, 2012, Shengkai Innovations, Inc. (the "Company") received a notification letter (the "Notice") from NASDAQ's Listing Qualifications Department ("NASDAQ") advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company's common stock had closed below the $1.00 per share required for continued listing on The NASDAQ Global Market pursuant to NASDAQ Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule").
The Notice has no effect on the listing of the Company's common stock at this time and the Company's common stock will continue to trade on the NASDAQ Global Market under the symbol "VALV."
The Notice also stated that the Company would be provided 180 calendar days (about 6 months), or until December 31, 2012, to regain compliance with the Minimum Bid Price Rule. To do so, the bid price of the Company's common stock must close at or above $1.00 per share for a minimum of ten consecutive business days prior to that date.
If the Company does not regain compliance by December 31, 2012, the Company may be eligible for an additional grace period if it applies to transfer the listing of its common stock to The NASDAQ Capital Market. To qualify, the Company would be required to meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, with the exception of the minimum bid price requirement, and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split if necessary. If the NASDAQ staff determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, NASDAQ will provide notice that the Company's common stock will be subject to delisting. At that time, the Company may appeal the delisting determination to a Listing Qualifications Panel.
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