Shares of Fuqi International Inc. (FUQI) are lower on the session by more than 7 percent, currently trading at $6.18. The designer of high quality precious metal jewelry in China said it received a letter from Nasdaq advising that FUQI remains out of compliance with the continued listing requirements for failure to timely file SEC periodic reports, and as a result, the company’s common stock is subject to delisting.
FUQI said it intends to request a hearing before a Nasdaq Hearings Panel no later than October 6, 2010 to seek an exception period in which to complete its filings and thereby regain compliance with listing standards.
FUQI’s request for a hearing will automatically suspend the delisting of its common stock until October 21, 2010.
At last check, Fuqi shares were down 45 cents, to $6.21, a loss of 6.76%.