NEW YORK — NexCen Brands Inc. has announced that the Nasdaq Listing and Hearing Review Council has withdrawn its call for review and stay of delisting associated with the Sept. 2, 2008, decision of the Nasdaq Listing Qualifications Panel. As a result, Nasdaq has notified the company that its common stock will be suspended from trading on The Nasdaq Stock Market effective at the opening of trading Jan. 13.
The company plans to request Jan. 12 that the Nasdaq Board of Directors reconsider the listing council's decision and reinstate the stay of delisting, so the company's common stock would continue to be traded on The Nasdaq Stock Market. However, there can be no assurances that the company's request will be granted within a specified time or at all.
Separately, the company also received an additional Staff Determination notice Jan. 6 from Nasdaq that the company no longer complies with Nasdaq Marketplace Rules 4350(e) and 4350(g) due to its inability to solicit proxy statements and hold an annual meeting of stockholders for the fiscal year ended Dec. 31, 2007, by Dec, 31, 2008.
Nasdaq's delisting decision relates to the ongoing delays in the company's filing of its periodic reports. The company has previously issued several press releases and filed several reports with the Securities and Exchange Commission including Current Reports on Form 8-K regarding these matters, according to a news release, and continues to anticipate that it will complete these filings with the SEC by the end of the first quarter of 2009.
