Stock Update (NASDAQ:SPU): Here’s Why Skypeople Fruit Juice Inc Shares Plunged 21% Today
Skypeople Fruit Juice Inc (NASDAQ:SPU) investors woke up on Monday to find the stock trading 18% lower, after the company announced that it has received a letter from The NASDAQ Stock Market LLC notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it has not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2016 and June 30, 2016 in a timely manner with the Securities and Exchange Commission.
SPU shares reacted to the news, falling nearly 25% in Monday’s trading session.
The Company intends to timely request a hearing before the NASDAQ Hearings Panel under Listing Rule 5815(a) to present its plan to regain compliance with the rule, which request will automatically stay the delisting of the Company’s securities for 15 calendar days from the deadline to request a hearing. In connection with its request for a hearing, the Company also intends to request a further stay of the suspension of trading and delisting of the Company’s common stock while the appeals process is pending. The Panel will notify the Company of its decision if it will allow the Company’s common stock to continue to trade on The NASDAQ Global Market pending the Panel’s decision. (Original Sourece)
SkyPeople Fruit Juice is a holding company, which engages in the manufacture and sale of fruit products. It operates through the following segments: Concentrated Apple Juice and Apple Aroma; Concentrated Kiwifruit Juice and Kiwifruit Puree; Concentrated Pear Juice; Fruit Juice Beverages; Fresh Fruits and Vegetables; and Others. The company was founded on June 29, 1998 and is headquartered in Xi’an, China.