JGBO to be delisted. Trading will resume on the pinksheets beginning 8/4 -
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 26, 2011, Jiangbo Pharmaceuticals, Inc. (the "Company") received a letter (the "Letter") from the Listing Qualifications Staff of the NASDAQ Stock Market LLC ("Nasdaq"). The Letter indicates that Staff believes that the continued listing of the Company’s securities on Nasdaq is no longer warranted and has determined to delist the Company for the following reasons:
(1) Public interest concerns under Nasdaq Listing Rule 5101 raised by the efforts of the Company and its Chairman to obstruct the independent internal investigation authorized by its Audit Committee, and the failure to allow the Audit Committee to fulfill its responsibilities and duties;
(2) The Company’s failures to comply with Listing Standard Rule 5605(c)(3) and IM-5605-5, which sets forth the responsibilities and authority of the Audit Committee, as well as the statutory responsibilities and authority of the Audit Committee set forth in Section 10A(m)(2) of the Securities Exchange Act of 1934; and
(3) the failure by the Company to comply with the Audit Committee composition requirements of Listing Rule 5605(c)(2)(A) .
Unless the Company requests an appeal of Nasdaq's determination to delist by August 2, 2011, trading of the Company's shares of common stock will be suspended at the opening of business on August 4, 2011, and a Form 25- NSE will be filed with the Securities and Exchange Commission, which will result in the Company's securities being removed from listing and registration on Nasdaq.
The Company has decided to focus on addressing current issues facing the Company and its business and will not appeal Nasdaq's determination.
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