CDC Software Announces Receipt of NASDAQ Delisting Notice; Intends to Request a Hearing
24 11월 2011 - 6:40AM
Business Wire
CDC Software Corporation (NASDAQ: CDCS), a global enterprise
software provider of on-premise and cloud deployments, today
announced that it has received a letter dated November 17, 2011
from The NASDAQ Stock Market, Inc. (“NASDAQ”), stating that NASDAQ
staff members (the “Staff”), exercising their discretionary
authority, have determined to delist the Company’s securities based
on public interest concerns under Nasdaq Listing Rule 5101 and the
Company’s failure to timely file its Annual Report on Form 20-F for
the year ended December 31, 2010, as required by Listing Rule
5250(c). Trading in the Company’s securities has been halted by
NASDAQ since October 5, 2011.
Pursuant to the NASDAQ letter, the Company has until November
25, 2011 to request a hearing before a NASDAQ Listing
Qualifications Panel (the “Panel”). Accordingly, the Company
intends to timely request a hearing at which it will address the
concerns raised by the Staff and present its plan for regaining
compliance with all applicable requirements for continued listing.
However, there can be no assurance that the Panel will grant the
Company’s request for continued listing. In connection with the
hearing request, the Company will also request that the Staff’s
delisting determination be stayed at least until the Panel issues
its decision following the hearing. In the event that NASDAQ
determines not to grant the stay, it is expected that the current
trading halt would be converted to a trading suspension on or about
December 12, 2011. In such an event, the Company’s securities would
become eligible for trading in the over-the-counter market at that
time. The Company will make a further announcement regarding its
trading status following the receipt of NASDAQ’s determination on
the stay request, which is expected before December 12, 2011. The
Company expects that its hearing will be scheduled to occur early
next year.
About CDC Software
CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is a
global enterprise software provider of on-premise and cloud
deployments. Leveraging a service-oriented architecture (SOA), CDC
Software offers multiple delivery options for their solutions
including on-premise, hosted, cloud-based Software as a Service
(SaaS) or blended-hybrid deployment offerings. CDC Software's
solutions include enterprise resource planning (ERP), manufacturing
operations management, enterprise manufacturing intelligence,
supply chain management (demand management, order management and
warehouse and transportation management), global trade management,
e-Commerce, human capital management, customer relationship
management (CRM), complaint management and aged care solutions.
CDC Software's acquisitions are part of its "integrate, innovate
and grow" strategy. Fueling the success of this strategy is the
company's global scalable business and technology infrastructure
featuring multiple complementary applications and services, domain
expertise in vertical markets, cost effective product engineering
centers in India and China, a highly collaborative and fast product
development process utilizing Agile methodologies, and a worldwide
network of direct sales and channel operations. This strategy has
helped CDC Software deliver innovative and industry-specific
solutions to approximately 10,000 customers worldwide within the
manufacturing, distribution, transportation, retail, government,
real estate, financial services, health care, and not-for-profit
industries. For more information, please visit
www.cdcsoftware.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding: (i) statements preceded by, followed by or
that include the words “may,” “could,” “should,” “would,”
“believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,”
“projects,” “outlook,” or similar expressions; and (ii) the
Company’s intent to appeal the Staff’s delisting determination, and
any potential exception to the NASDAQ Listing Rules that may be
granted to the Company by NASDAQ, (iii) the timing of any future
hearing or determination of NASDAQ, including, but not limited to
any future trading suspension, or (iv) whether the Company’s
securities may be eligible to trade on the over-the-counter market
and other statements that are not historical fact, the achievement
of which involve risks, uncertainties and assumptions, many of
which are beyond the Company’s control. These statements are based
on management's current expectations and are subject to risks and
uncertainties and changes in circumstances. There are important
factors that could cause actual results to differ materially from
those anticipated in the forward looking statements, including the
possibility that NASDAQ will not grant the Company an exception to
the Listing Rules. If any such risks or uncertainties materialize
or if any of the assumptions proves incorrect, the Company’s
results could differ materially from the results expressed or
implied by the forward-looking statements contained herein. All
forward-looking statements included in this press release are based
upon information available to management as of the date of this
press release, and you are cautioned not to place undue reliance on
any forward looking statements, which speak only as of the date of
this press release. The Company assumes no obligation to update or
alter the forward looking statements whether as a result of new
information, future events or otherwise. For these and other
reasons, investors are cautioned not to place undue reliance upon
any forward-looking statement in this press release.
Cdc Software Corp. ADS, Each Representing One Class A Ordinary Share (MM) (NASDAQ:CDCS)
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Cdc Software Corp. ADS, Each Representing One Class A Ordinary Share (MM) (NASDAQ:CDCS)
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