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CPSL > SEC Filings for CPSL > Form 8-K on 19-Oct-2012All Recent SEC Filings

Show all filings for CHINA PRECISION STEEL, INC.



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

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

As previously reported in a current report on Form 8-K filed by China Precision Steel, Inc. (the "Company") with the Securities and Exchange Commission on August 16, 2012, Che Kin Lui resigned 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 August 8, 2012. 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.

On October 18, 2012, the Company received a deficiency letter from the Listing Qualifications Staff at The NASDAQ Stock Market ("NASDAQ") stating that the Company no longer complies with the independent director and audit committee composition rules set forth in NASDAQ Listing Rule 5605, requiring an Audit Committee to consist of at least three independent members of the board of directors. Consistent with NASDAQ Listing Rules 5605(b)(1)(A) and 5605(c)(4), NASDAQ has provided the Company with a cure period in order to regain compliance with the audit committee requirements. The Company has been given the earlier of the Company's next annual shareholders' meeting or August 8, 2013 to regain compliance, except that, if the Company's next annual shareholders' meeting is held before February 4, 2013, then the Company must evidence compliance by no later than February 4, 2013.

The Company is in the process of vetting suitable candidates for appointment to the Company's Board of Directors and Audit Committee within the cure period who meet the NASDAQ independence requirements.

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