Updated on 10 June 2013
NYSE will proceed to file a Form 25 with the Securities and Exchange Commission to delist China Botanic's common stock from the exchange
Singapore: China Botanic Pharmaceuticals, a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines has informed NYSE MKT to withdraw its appeal to delist the company's securities from the NYSE MKT.
As a result, the company's common stock will be suspended from trading and the exchange will proceed to file a Form 25 with the Securities and Exchange Commission to delist the company's common stock from the exchange.
On May 2, 2012, the company received a delisting notice from NYSE MKT indicating that based on the company's noncompliance with its compliance plan previously submitted by the company on February 7, 2013, to regain compliance with Sections 134 and 1101 of the NYSE MKT Company Guide by May 1, 2013, the exchange has made a determination to delist the common stock of the Company from the Exchange.
The Delisting Notice indicated that under Sections 1203 and 1009(d) of the company guide, the company has a limited right to appeal the exchange's determination by requesting an oral hearing or a hearing based on a written submission before the Exchange's Listing Qualifications Panel.
On May 9, 2013, the company submitted a request for a hearing and paid the applicable hearing fee, and an oral hearing date was set for June 28, 2013. However, based on the progress of its audit, the company has decided to not appeal by withdrawing its request for hearing. As a result of the company's decision not to appeal, the firm has been informed that the delisting determination is final and the Exchange will proceed to file an application with the Securities and Exchange Commission to delist the Company's common stock from the exchange.