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CBAK > SEC Filings for CBAK > Form 8-K on 8-Oct-2013All Recent SEC Filings

Show all filings for CHINA BAK BATTERY INC | Request a Trial to NEW EDGAR Online Pro



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

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

On October 3, 2013, Jonathan Christopher Paugh ("Mr. Paugh") notified China BAK Battery, Inc. (the "Company") of his decision to resign as a member of the Board of Directors of the Company and as a member of the Board's Audit, Compensation and Nominating and Corporate Governance Committees, effective immediately. Mr. Paugh's decision to resign is due to his personal reasons. The Company intends to elect a new independent director to fill the vacancies created by Mr. Paugh's resignation as soon as practicable.

As a result of the resignation of Mr. Paugh, the Company is not currently in compliance with Listing Rules 5605(b)(1) and 5605(c)(2)(A) of the NASDAQ Stock Market LLC. NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2)(A) require, among other things, that a majority of the Board of Directors be comprised of independent directors as defined in Rule 5605(a)(2) and the Company's Audit Committee be comprised of at least three members. Currently the Company's Board of Directors consists of two independent directors and two non-independent directors and the Audit Committee is comprised of two members.

The Company notified NASDAQ of its noncompliance with the NASDAQ listing rules described above on October 7, 2013. In accordance with NASDAQ Listing Rules 5605
(b)(1)(A) and 5605(c)(4)(B), the Company has a cure period in order to regain compliance until the earlier of the Company's next annual shareholders' meeting or October 3, 2014. If the Company's next annual shareholders' meeting is held no later than 180 days following the resignation of Mr. Paugh, then the Company will instead have 180 days from such event to regain compliance.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The pertinent information contained in Item 3.01 of this Form 8-K above is incorporated herein by reference.

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