tbirdman
11 년 전
TBOW - Had a feeling this was coming: Trunkbow Receives Nasdaq Notification of Non-Compliance with Minimum Bid Price Rule
Company has 180 days to regain compliance 07/01 01:01 PM
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BEIJING, July 1, 2013 /PRNewswire/ -- Trunkbow International Holdings Limited (TBOW:$0.928,0$0.048,05.45%) , a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Services ("MVAS") in the PRC, today announced that on June 28, 2013, it received a letter from the Nasdaq Stock Market stating that, based upon the closing bid price for the previous 30 consecutive business days, the Company no longer meets the requirement set forth in Nasdaq Rule 5550(a)(2), which requires listed securities to maintain a bid price of $1.00 per share (the "Minimum Bid Price Rule") .
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has been provided with a period of 180 calendar days, or until December 26, 2013, to regain compliance with the Minimum Bid Price Rule. The Company may regain compliance with the Minimum Bid Price Rule if the bid price of its common shares closes at or above $1.00 per share for a minimum of ten consecutive business days at any time prior to December 26, 2013.
The Company intends to evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
hebercreeper
11 년 전
Here is your special committee:
Our board of directors has formed a special committee of independent directors (the “Special Committee”) consisting of Dr. Tan Kokhui, Dr. Lv Tingjie, and Mr. Huang Zhaoxing to consider the going-private transaction. The Special Committee has retained financial and legal advisors to assist it in its review of the going-private transaction.
Tan Kokhui
http://www.nbs.ntu.edu.sg/About_Us/Leadership/Pages/TAN_Kok_Hui.aspx
Lv Tingjie an author
http://www.amazon.co.uk/Books/s?ie=UTF8&field-author=LV%20TING%20JIE&page=1&rh=n%3A266239%2Cp_27%3ALV%20TING%20JIE
Huang Zhaoxing
Hell, I found a few things on him but he's really just the old guy on the committee.
And a couple other directors of note:
Xin Wang (also CTO): Led development of Rapid ID in US
http://www.rapidid.com/industries.html
Regis Kwong: CEO of Jingwei from 2005 to 2009 (successful take private in 2012). Also Managing Director of Centric Capital, PE firm, responsible for Chinese investments. Also lead investor involvement with YONG and JST.
http://www.china-ui.com/e/cases.html
tbirdman
11 년 전
TBOW $0.80 : Why I'm betting against the herd:
Latest short data shows only 15k shares short. Now 100k shares available @ IB, was only 6k Friday...fwiw. I hate to beat on a dead horse here, but this simply looks like one or more funds exciting (and a huge opportunity). Not sure when they'll be done, but TBOW should be back over $1 when they are imho. That, and any time now we should be getting an update on the going private...I can't help but accumulate shares down here.
TBOW has already been targeted for delisting due to share price: (screw this, we're going private) http://alturl.com/xudzp and then again for late filing (halted for this, which they came out of unscathed, satisfying the SEC. Director resignation here a possible red flag) http://alturl.com/zp9t5
Read the proposal below; very good risk reward here imho, but as always nothing is a sure thing. Key points from the filing:
*Offer price : $1.46
*CEO/Chairman own 47% of the O/S
VeriFone owns 8%
*Days since offer: 222 (not unusual, WH took over 365 days!)
*Offer made by: CEO (Li Qiang) & Chairman of the BOD (Hou Wanchun)
*Special committee formed: yes
*Legal advisor retained: Cleary Gottlieb Steen & Hamilton LLP (GRRF,and YTEC used them, both closed the offers)
*Acquisition financing method: debt and equity capitol, discussions with VStone Investment Management Ltd. "We are confident that we will secure adequate financing to consummate the acquisition."
THIS IS BIG:
We are prepared to negotiate and finalize definitive agreements (the “Definitive Agreements”) in a timely manner.
Confidentiality. We will, as required by law, promptly file a Schedule 13D to disclose this letter. However, we are sure you will agree with us that it is in all of our interests to ensure that we proceed in a confidential manner, unless otherwise required by law, until we have executed the Definitive Agreements or terminated our discussions.
The CEO stated through the CFO translator on last quarter's conference call, that an update would be provided in around 1 month. This leads me to believe we will have the final decision within a few weeks.
Its either going to be one big pop a one sad drop. I'm betting on the latter...
http://alturl.com/bah8g
Don't forgot this little tidbit on the back burner:
http://alturl.com/mk49h
I will be digging more, but think we don't have very much time here..I hand the baton off to you Heeeeber!