Ku6 Media ADRs Drop on Non-Compliance Notice From Nasdaq

Ku6 Media (KUTV) American depositary shares fell in Monday’s pre-market session, after the China-based online-video company said it received a letter from the Nasdaq Stock Market stating that it was no longer in compliance with Nasdaq Listing Rule 5250(c)(1) because it hadn’t yet filed its annual report on Form 20-F for the period ended Dec. 31, 2013.

KUTV, which had been down about 11% in the pre-market session, fell 5.7% at the open to $1.70. It has a 52-week range of $1.02 to $3.90. The annual report was required to be filed by the company on or before April 30. The company had previously announced the delay in its filing.

The letter says the company has 60 calendar days–until June 30–to submit to Nasdaq a plan to regain compliance. If the plan is accepted, Nasdaq may grant an exception of up to 180 days from the original due day of the annual report, or until Oct. 27, 2014, to regain compliance.

The company said it intends to regain compliance by filing its annual report on Form 20-F with the Securities and Exchange Commission in advance of the due date.

 

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