Synutra International received a letter from NASDAQ stock market, stating that the company no longer faces the fear of delisting following the filing of its quarterly results of period ending June 30, 2007 with SEC on October 5, 2007. NASDAQ mentioned that the company meets all the criteria for listing, and thus the scheduled hearing before the panel has been called off. This news led to an increase in the stock price of Synutra International.
Synutra received a notification of its shares getting delisted from the NASDAQ stock market as the company failed to file their Q2 results by the August 14 deadline. The company plans to appeal and request for a hearing before the NASDAQ listing panel.
Synutra International announced that it may restate its FY2007 financial statements as the previous filing had errors, including statement of expenses, accounting of government grants, etc.