CDC Software Announces Receipt of NASDAQ Delisting Notice; Intends to Request a Hearing
CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is 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.
- (1888PressRelease) November 30, 2011 - 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.
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