Synutra International, the Chinese-based nutrition group, has received a delisting warning from the Nasdaq Stock Market because it has not filed its last quarterly financial report.
The company said it received a staff determination letter from Nasdaq saying that the company’s stock is subject to delisting for failure to file a report for the quarter to the end of June on time.
Synutra said it had previously filed a form with the Securities and Exchange Commission (SEC) saying it would not be able to file the report on time owing to its anticipated restatement of its historical financial statements for the 2007 fiscal year.
The company said it had appealed the determination and has requested a hearing before the Nasdaq Listing Qualification Panel. The appeal and hearing request will stay the suspension of trading pending a ruling by the panel.
Synutra said it intends to file an amended annual report with restated financial statements for the year to the end of March 2007, amended quarterly reports for the fiscal quarters ended 30 June, 2006, 30 September, 2006 and 31 December, 2006, and a quarterly report for the fiscal quarter to the end of June 2007 as soon as possible.
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Synutra makes a range of baby formula and dairy-based nutritional products.