Delisted Thursday, Jan. 29th.
11:41a ET January 26, 2015 (Business Wire)
Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that on January 20, 2014, the Company received a letter from the staff of NASDAQ advising that, because the Company filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the Company's securities will be delisted from the NASDAQ Stock Market pursuant to the discretionary authority of NASDAQ under Listing Rules 5101 and 5110(b) and IM-5101-1. The letter further provided that the Company may request a hearing to appeal the Staff's determination and that such hearing request will stay the suspension of Company's securities pending a decision on the appeal. In addition, quotation information for the Company's common stock will include an indicator of the Company's non-compliance, and the Company will continue to be included in a list of non-compliant companies on the NASDAQ website.
Unless the Company requests an appeal of this determination, trading of the Company's common stock will be suspended at the opening of business on January 29, 2015. The Company intends to request a hearing to appeal the delisting determination and address the concerns of NASDAQ arising out of the Company's filing for Chapter 11 protection. No assurance can be given that the appeal will be successful. If the appeal is not successful, the Company's securities may be immediately eligible to be quoted on the OTC Bulletin Board (the "OTCBB") or the Pink Sheets if a market maker makes application to register in and quote such securities in accordance with SEC Rule 15c2-11 (a "Form 211") and the application is cleared. Only a market maker, not the Company, may file a Form 211.
