AXM Pharma Receives Delisting Notification from American Stock Exchange
03 6월 2006 - 7:32AM
Business Wire
AXM Pharma, Inc. (AMEX: AXJ), a manufacturer of proprietary and
generic pharmaceutical and nutraceutical products for the Chinese
and other Asian markets, announced today that it has received a
letter from the Staff of the American Stock Exchange ("Amex")
stating that a Listing Qualifications Panel (the "Panel") has
reviewed and approved the Amex Staff's determination to delist the
Company's common stock. Accordingly, Amex intends to suspend
trading in the Company's common stock as soon as practicable and
will proceed with the filing of an application with the Securities
and Exchange Commission ("SEC") to strike the Company's common
stock from listing on the Amex. The Panel agreed with the Staff's
analysis that the Company has sustained losses which are so
substantial in relation to its overall operations or its existing
financial resources, or its financial condition has become so
impaired that it appears questionable, in the opinion of the Amex,
as to whether the Company will be able to continue operations
and/or meet its obligations as they mature. The Panel also cited
the Company's failure to have sufficient stockholders' equity in
light of its sustained losses from continuing operations. Finally,
Amex indicated that during the period between August 31, 2005 and
September 19, 2005, the Company, in certain instances, failed to
comply with Section 301 of the Company Guide which provides that a
listed company is not permitted to issue or register additional
securities of a listed class until it has filed an application for
the listing of such additional securities and received notification
from the Exchange that the securities have been approved for
listing. The Staff Determination indicates that the Company has a
limited right to appeal the determination by requesting an oral
hearing or a hearing based on a written submission before a Listing
Qualifications Panel. Such a request must be received by June 16,
2006. At this time, the Company is reviewing and considering its
course of action. In the event the Company's common stock is
delisted from the Amex, the Company intends to pursue a inclusion
of the Company's common stock on the Over-The-Counter Bulletin
Board. About AXM Pharma, Inc. AXM Pharma, Inc., through its wholly
owned subsidiary, AXM Pharma Shenyang, Inc. ("AXM Shenyang"), is a
manufacturer of proprietary and generic pharmaceutical products,
which include injectables, capsules, tablets, liquids and medicated
skin products for export and domestic Chinese sales. AXM Shenyang
is located in the City of Shenyang, in the Province of Liaoning,
China. AXM Shenyang has an operating history of approximately 10
years. For additional information on AXM Pharma Inc., please visit
http://www.axmpharma.com. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this news release include certain predictions and projections
that may be considered forward-looking statements under securities
law, including the statements regarding the Company's opportunities
for future growth. These statements involve a number of important
risks and uncertainties that could cause actual results to differ
materially including, but not limited to, the performance of joint
venture partners, obtaining regulatory approvals to market the
Company's products, the uncertainties associated with distributing
products in a developing country such as China, the availability of
cash to meet near term requirements as well as other economic,
competitive and technological factors involving the Company's
operations, markets, services, products and prices. With respect to
AXM, except for the historical information contained herein, the
matters discussed in this news release are forward-looking
statements involving risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, AXM's extremely limited operating
history, uncertainties related to the Company's access to
additional capital, competition and dependence on key management.
Axm (AMEX:AXJ)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Axm (AMEX:AXJ)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
Axm Pharma (아메리카 증권거래소)의 실시간 뉴스: 최근 기사 0
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