Business & Tech
Hoboken Company Delisted From NASDAQ
Hoboken-based Liquid Holdings Group requests a hearing to appeal the decision.
Hoboken-based Liquid Holdings Group, an investment management provider, has been delisted from the Nasdaq Stock Market (NASDAQ).
The company announced the delisting on Sept. 24, stating in a release that the NASDAQ had determined to delist its common stock from its capital market at the opening of business on Sept. 30.
In addition, NASDAQ officials announced their intention to file a Form 25-NSE with the U.S. Securities and Exchange Commission (SEC).
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On April 16 and May 19, the NASDAQ notified Liquid Holdings that it did not comply with their filing requirements set forth in Listing Rule 5250(c)(1), because it had not filed its Form 10-K for the year ending December 31, 2014, or its Form 10-Q for the period ending March 31, 2015 with the SEC.
HEARING REQUEST
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In response to the delisting notice, Liquid Holdings requested a hearing before the NASDAQ Listing Qualifications Panel.
According to a NASDAQ release, Liquid Holdings’ request for a hearing before the panel automatically stayed the suspension of trading in the company’s securities on NASDAQ through October 13, by which date the panel will notify the company if its request for a further stay of suspension has been granted.
If the stay is granted, the company’s common shares will remain listed on NASDAQ pending the hearing and the expiration of an extension, if any, granted by the panel following the hearing.
If a further stay is not granted, trading in the company’s securities would be suspended on NASDAQ pending the conclusion of the hearing process.
CLASS ACTION LAWSUIT
On Sept. 21, Glancy Prongay & Murray LLP announced that it filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of purchasers of the securities of Liquid Holdings Group issued in connection with the company’s initial public offering on or about July 25, 2013, and/or on the open market between July 26, 2013 and December 23, 2014.
See the full press release here.
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