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CBAK > SEC Filings for CBAK > Form 8-K on 15-Oct-2013All Recent SEC Filings

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

Form 8-K for CHINA BAK BATTERY INC


15-Oct-2013

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 11, 2013, China BAK Battery, Inc. (the "Company") received a notification letter, dated October 11, 2013, from the Listing Qualifications Department of The NASDAQ Stock Market indicating that, due to the resignation of Jonathan Christopher Paugh ("Mr. Paugh") as a member of the board of directors of the Company and as a member of the board's audit committee, the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Nasdaq Listing Rule 5605.

The notification letter states that, ordinarily, consistent with Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq would provide the Company a cure period to regain compliance, the expiration of which would be the date of the Company's next annual meeting, but in no event be sooner than 180 days or later than one year from the date of the event that caused non-compliance. However, given the Company's compliance history, including frequent resignations of independent directors from its board of directors, staff has elected to exercise its discretionary authority under Listing Rule 5101 to expedite the compliance process. As a result, the Company was provided a cure period to regain compliance until January 2, 2014.

As previously disclosed, the Company is actively seeking a new independent director to fill the vacancies created by Mr. Paugh's resignation and intends to regain compliance with Nasdaq Listing Rule 5605 as soon as practicable.


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