Courtesy of Benzinga.
SGOCO Group, Ltd. (Nasdaq: SGOC) today announced that it received a letter from The Nasdaq Stock Market indicating that as a result of the Company’s failure to timely file its Form 20-F for the year ended December 31, 2011, the Company no longer complies with the Nasdaq requirements for continued listing set forth in Nasdaq Marketplace Rule 5250(c)(1), which requires the timely filing of periodic reports.
The Nasdaq Staff has exercised its discretionary authority under Nasdaq Marketplace Rule 5101 and requested the Company to submit its plan to regain compliance by June 12, 2012. The Nasdaq Marketplace Rules provide that the Staff can grant the Company an extension of up to 180 calendar days from the filing’s due date to regain compliance. After submission and review of the plan, the Nasdaq Staff will determine whether or not to grant any additional time to file its Form 20-F and regain compliance as permitted under The Nasdaq Marketplace Rules or issue a Staff delist letter.
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