Cloud-based investment management solutions vendor Liquid Holdings Group, Inc. (Nasdaq: LIQD) is facing a delisting from the Nasdaq Stock Market because it allegedly fails to consistently file reports with the SEC, say Liquid officials.
The company has gotten a reprieve by requesting a hearing before Nasdaq to challenge its delisting but that only lasts until Oct. 13.
Specifically, Liquid officials want a date with the Nasdaq Listing Qualifications Panel to address “the September 21, 2015 determination of the NASDAQ Listing Qualifications Staff to delist the company’s securities based upon the company’s continued non-compliance with Nasdaq’s requirement to timely file periodic reports with the SEC.”
The company’s request for a hearing before the panel “automatically stayed the suspension of trading in the company’s securities on NASDAQ through October 13, 2015, by which date the panel will notify the company if the company’s request for a further stay of suspension beyond October 13, 2015 has been granted pending the ultimate conclusion of the hearing process,” according to Liquid officials.
“If the stay is granted by the panel, the company’s common shares will remain listed on Nasdaq pending the hearing and the expiration of an extension, if any, granted by the panel following the hearing” Liquid officials say.
“If a further stay is not granted, trading in the company’s securities would be suspended on Nasdaq pending the conclusion of the hearing process, although the company believes its securities would be eligible to trade in the OTC [over-the-counter] Markets’ OTC Pink ‘Limited Information’ tier during that time.
“Whether or not a further extension is granted by the panel, there can be no assurance that the panel will ultimately grant the Company’s request for continued listing on Nasdaq,” say Liquid officials.
Liquid’s platform offer multi-asset order, execution and risk management with shadow net asset value (NAV) and investor reporting capabilities, vendor officials say. Liquid also offers managed services to “transform manually intensive middle-office processes into an automated, seamless experience.” The Liquid platform and its components are provided on a subscription basis to hedge fund managers, asset managers, family offices and financial institutions worldwide. The vendor is headquartered in Hoboken, New Jersey.
In April, Liquid rolled out several new features, such as portfolio analytics reports and redesigned dashboards, for its LiquidMobile and LiquidTrade products, officials say.
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