Corgi International Limited Announces Receipt of Letter From Nasdaq Regarding its ADSs, Which Are to Be Delisted Due to Its N...
12 Février 2009 - 3:19AM
Business Wire
Corgi International Limited (Nasdaq:CRGI) today announced
that it received notice on February 5, 2009 from the staff of The
Nasdaq Stock Market, Inc. indicating that Corgi International
Limited�s ADSs are to be delisted due to its non-compliance with
the minimum ten million dollars stockholder�s equity requirement.
In addition, the company was also notified that it currently did
not meet its requirement of maintaining three independent
directors, due to the recent resignation of two of its independent
Directors located in the United Kingdom. The Company�s
non-compliance with the director composition serves as an
additional basis for delisting.
Unless the Company requests an appeal of these determinations,
trading of Corgi�s American Depositary Shares will be suspended at
the opening of business on February 17, 2009, and a Form 25-NSE
will be filed with the Securities and Exchange Commission (the
�SEC�), which will remove the Company�s securities from listing and
registration on The Nasdaq Stock Market.
At present, Corgi plans to appeal the delisting determination by
Nasdaq staff to a Nasdaq Listings Qualifications Panel. In
addition, the Nasdaq Marketplace Rules may permit the Company to
transfer its ADSs to the Nasdaq Capital Market if the Company
satisfies the continued inclusion requirements for that market. If
Corgi submits a transfer application and pays the applicable
listing fees by March 29, 2009 the initiation of the delisting
proceedings will be stayed pending the staff�s review of the
application. If the Nasdaq staff does not approve Corgi�s transfer
application, the Nasdaq staff will provide written notification
that its securities will be delisted.
In the event of a delisting, the Company�s securities may become
eligible to trade on the OTC Bulletin Board or in the �Pink
Sheets�, if a market maker makes application to register in and
quote the security in accordance with SEC Rule 15c2-11, and such
application (a �Form 211�) is cleared.
About Corgi International
Corgi International Limited is a global Pop Culture company,
which develops and markets innovative and high-quality licensed and
non-licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide.
Marketed under the brand names Master Replicas, PopCo and H2go, the
Company�s line of products range from premium entertainment prop
replicas and limited edition memorabilia to traditional toys and
gift merchandise. The Company holds varying licenses for many of
entertainment�s highest grossing franchises including Harry Potter,
Star Trek, Nintendo, and The Beatles, amongst others.
The Company is headquartered in Hong Kong, with operations in
Walnut Creek, California, USA.
�Safe Harbor� Statement under the U.S. Private Securities
Litigation Reform Act of 1995: Certain statements contained in this
press release may be forward-looking. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those anticipated. Such risks and
uncertainties include, without limitation, changes in market demand
for Corgi International products, changes in economic conditions,
dependence on certain customers and licensing partners, and other
risks described in the Company's annual report on Form 20-F for the
fiscal year ended March 31, 2008. The Company undertakes no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
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