LJ International Inc a leading jewelry manufacturer and retailer announced that the Company has received an Additional Nasdaq Staff Determination Letter on January 3, 2008 indicating that the Company did not hold an annual meeting of shareholders, solicit proxies or provide proxy statements to Nasdaq during 2007.
Therefore, the Company has not complied with Nasdaq Marketplace Rule 4350(e) regarding holding an annual meeting and Rule 4350(g) regarding solicitation of proxies and providing copies to Nasdaq, and this matter now serves as an additional basis for delisting the Company's securities from the Nasdaq Stock Market.
The Letter stated that the Nasdaq Listing Qualifications Panel (the "Panel") will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Global Market and that the Company should present a compliance plan detailing the timeline for soliciting proxies and holding its annual shareholder meeting to the Panel in writing no later than January 10, 2008.
On December 28, 2007, the Company filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2006. As a natural consequence of this late filing, it was not able to timely prepare its proxy solicitation materials and annual report to shareholders, solicit proxies and convene its annual shareholder meeting by the December 31, 2007 deadline.
Accordingly, the Company plans to submit a compliance plan to the Panel requesting the Panel to exercise its discretionary authority in favor of granting the Company the appropriate time necessary to properly convene its annual shareholder meeting and regain compliance with Nasdaq's annual meeting and proxy solicitation requirements.
The Company intends to solicit proxies as soon as possible and hold its annual shareholder meeting on March 14, 2008.
Therefore, the Company has not complied with Nasdaq Marketplace Rule 4350(e) regarding holding an annual meeting and Rule 4350(g) regarding solicitation of proxies and providing copies to Nasdaq, and this matter now serves as an additional basis for delisting the Company's securities from the Nasdaq Stock Market.
The Letter stated that the Nasdaq Listing Qualifications Panel (the "Panel") will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Global Market and that the Company should present a compliance plan detailing the timeline for soliciting proxies and holding its annual shareholder meeting to the Panel in writing no later than January 10, 2008.
On December 28, 2007, the Company filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2006. As a natural consequence of this late filing, it was not able to timely prepare its proxy solicitation materials and annual report to shareholders, solicit proxies and convene its annual shareholder meeting by the December 31, 2007 deadline.
Accordingly, the Company plans to submit a compliance plan to the Panel requesting the Panel to exercise its discretionary authority in favor of granting the Company the appropriate time necessary to properly convene its annual shareholder meeting and regain compliance with Nasdaq's annual meeting and proxy solicitation requirements.
The Company intends to solicit proxies as soon as possible and hold its annual shareholder meeting on March 14, 2008.
