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GGLR > SEC Filings for GGLR > Form 8-K on 23-Apr-2013All Recent SEC Filings

Show all filings for GEOGLOBAL RESOURCES INC. | Request a Trial to NEW EDGAR Online Pro



Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St

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

On April 17, 2013, GeoGlobal Resources Inc. (the "Company") (NYSE MKT: GGR) received notice from the NYSE MKT LLC (the "Exchange") that it intends to strike the common stock of the Company from Exchange by filing a delisting application with the Securities and Exchange Commission (the "SEC") pursuant to Section 1009(d) of the NYSE MKT Company Guide.

As previously released the Company received a letter from the Exchange on November 30, 2012, indicating that the Company is not in compliance with two of the continued listing standards as set forth in Section 1003(a)(iv) and Section 1003(f)(v) of the NYSE MKT's Company Guide. The Company submitted a Plan of compliance (the "Plan") to the Exchange on December 31, 2012. On February 15, 2013, the Exchange notified the Company that it accepted the Company's Plan of compliance and granted the Company an extension until May 31, 2013 (the "Plan Period") to regain compliance with the continued listing standards. However, the Company will be subject to periodic review by Exchange Staff during the plan 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 NYSE MKT LLC.

Specifically the Company remains not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained loses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether such company will be able to continue operations and/or meet its obligations as they mature.

As of April 16, 2013, the common stock of the Company closed at $0.03 per share.
Therefore, pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated either on an increase in the price per share of GeoGlobal common stock or on it effecting a reverse stock split of its common stock within a reasonable period of time and no later than June 28, 2013.

The Company did not file its 10-K on time as required by Sections 134 and 1101 of the Company Guide. The Company's failure to timely file this report is a material violation of its listing agreement with the Exchange and therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company's securities from the Exchange.

In accordance with Sections 1203 and 1009(d) of the Company Guide, the Company has a limited right to appeal by requesting a hearing. The Company has until April 24, 2013 in which to request in writing a hearing and to pay the appropriate hearing fee.

The Company is continuing to work on the financing initiatives that are part of the Plan submitted to the Exchange and is evaluating its options for appeal.

On April 22, 2013, the Company issued a press release announcing receipt of the notice from the Exchange. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.

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