Turning away from SEFE for just a moment, do any readers remember China Shenghuo Pharmaceutical Holdings (KUN)? KUN was one of the many Chinese reverse merger darlings to come out of Richard Rappaport‘s bucket shop Westpark Capital. The one that featured the illustrious and unforgettable Gene Michael Bennett on the Board of Directors. Late last week, in a fit of pique, the company announced that it cannot be fired, because it has already quit! In the press release, the company states that in the opinion of the NYSE Amex:
the Company is no longer in compliance with Section 1003(a)(iv) of the Company Guide…in order to maintain its AMEX listing, the Company must submit a plan of compliance by May 1, 2012, advising AMEX how it intends to regain compliance with Section 1003(a)(iv) of the Company Guide by July 2, 2012. If the Company does not submit such a plan or if the plan is not accepted by AMEX, the Company would be subject to delisting procedures as set forth in Section 1010 and part 12 of the Company Guide.
So KUN is about to be yanked from the exchange…..but not so fast NYSE Amex, you cannot fire the mighty KUN. The press release continues:
In view of, among other things, the belief of the Board of Directors that under the Company’s current circumstances, it is not reasonably practicable for the Company to establish and implement a plan of compliance that would satisfy AMEX’s continued listing requir ments….the Board of Directors of the Company determined on April 19, 2012 that it is in the best interest of the Company to voluntarily delist the Company’s common stock from AMEX
But that is not all. In a move known as “going dark” KUN is taking its ball and going home!
On the effective date of the delisting, (KUN) plans to file a Form 15 with the SEC to suspend its duty to file reports under Section 15(d) of the Exchange Act. Upon filing of the Form 15, the Company’s obligation to file certain reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will immediately be suspended.
The effective date, by the way, should be May 10th. Gene Michael, Richard, whichever one of you is the last to leave, please turn off the lights.