Appeal process NOT "effectively circumvented." bullmarkets banner headline above is misleading to anyone who is not digging through the rules. The denial of the cure period appears to be within the discretion of NASDAQ under Rule 5101. However, NASDAQ cannot deny CCME the right to appeal any delisting under Rule 5815 that may follow should it fail to come within the requirements of Rule 5605(c)(2)(a) for its independent auditor.
Also, under Rule 5810(c)(2)(A), it appears that NASDAQ can't accept a plan for compliance for a deficiency where an appeal is currently pending before an adjudicatory body, as is the case here. That may explain why CCME received the deficiency notice, and possibly the denial of the cure period, but no delisting notice for the auditor violation. If it does get delisted for that deficiency it will have the right to appeal that decision under Rule 5815. The thought that the denial of the cure period somehow defeats the appeal process on either notice is inconsistent with these rules. And the operation of Rule 5810(c)(2)(A) suggests the argument that if there is a favorable outcome on the original appeal (who knows the answer to that) it might be hard for NASDAQ to then sustain a delisting (should it come) on just the auditor issue without extending an opportunity to cure.
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