News for 'FEED' - (AgFeed Industries Receives Notice from Nasdaq)
Nov 30, 2011 (Close-Up Media via COMTEX) -- AgFeed Industries, Inc., announced
that it has received notice from The Nasdaq Stock Market that, because the
Company has not yet filed its Quarterly Report on Form 10-Q for the period ! ended
Sept. 30, with the Securities and Exchange Commission, the Company no longer
complies with the continued listing requirements under Nasdaq Marketplace Rule
5250(c)(1).
As previously reported by the Company in its Notification of Late Filing on Form
12b-25, filed with the Commission on Nov. 10, the Company said it was unable to
file the 10-Q within the prescribed period due to the ongoing investigation of
the special committee of the Board. As previously disclosed, on Sept. 29, the
Company announced that its Board appointed the Special Committee to investigate
the accounting relating to certain of the Chinese farm assets (acquired during
2007 and 2008) used in the Company's Chinese hog production business, the
validity and collectability of certain of the Company's accounts receivable
relating to its Chinese animal nutrition business, and any other issues that may
arise during the course of its investigation. The Special Commi! ttee engaged the
law firm of Latham & Watkins (L&W) to serve as its independent counsel in
connection with the Investigation, and L&W retained the forensic accounting firm
of FTI Consulting to serve as its forensic accounting advisor. The Special
Committee has not completed the Investigation or arrived at any final
conclusions. The Special Committee is continuing its investigation, and no
assurance can be provided as to when the Investigation will be completed.
AgFeed reported that it is required to submit a plan to regain compliance with
Nasdaq's requirements for continued listing, and, under the discretionary
authority under Nasdaq Marketplace Rule 5101, in order to expedite the review
process, Nasdaq is requiring that the plan must be submitted no later than Dec.
19. If Nasdaq accepts the plan submitted by the Company, Nasdaq can grant an
exception of up to 180 calendar days from the due date of the 10-Q to regain
compliance. The Company intends to submit to Nasdaq, on or before Dec. 19, a
plan ! to regain compliance with Nasdaq's requirements for continued listing.
There can be no assurance that the Company will successfully regain compliance
with such requirements.
If Nasdaq does not accept the Company's plan, the Company said that Nasdaq will
provide notice that the Company's common stock will be subject to delisting. The
Company would have the right to appeal a determination to delist its common
stock, and the common stock would remain listed on the Nasdaq Global Select
Market until the completion of the appeal process.
The Company intends to submit the 10-Q as soon as practicable after the
completion of the Investigation by the Special Committee.
AgFeed Industries is an international agribusiness with operations in the U.S.
and China. AgFeed has two business lines: animal nutrition in premix,
concentrates and complete feeds and hog production.
More Information:
www.agfeedinc.com
((Comments on ! this story may be sent to newsdesk@closeupmedia.com))
< BR>Copyright Close-Up Media, Inc. 2011. All Rights reserved
-0-
INDUSTRY KEYWORD: Professional_Services_Close-up
