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Skystar Bio-Pharmaceutical Company Announces Receipt Of Nasdaq Notification Letter

The following excerpt is from the company's SEC filing.

Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI), a China-based manufacturer and distributor of veterinary medicine, vaccines, micro-organisms and feed additives, announced today that on October 20, 2015 it received a letter from NASDAQ Stock Market indicating that that Skystar failed to comply with Nasdaq’s filing requirement set forth in Listing Rule 5250(c)(1) (the “Rule”) because it failed to file its Form 10-K for the fiscal year ended December 31, 2014, and Forms 10-Q for the periods ended March 31, and June 30, 2015, respectively (together, the “Delinquent Reports”) .

Based on its review of the materials submitted by Skystar (together, the “Submissions”), Nasdaq’s staff granted Skystar an exception until October 12, 2015, to file the Delinquent Reports and thereby regain compliance with the Rule (the “Exception”). The notification letter indicated that because the Company has not filed the Delinquent Reports and does not meet the terms of the Exception.

Nasdaq also notified Skystar of two additional, and separate, bases for delisting under Listing Rule 5250(b)(1) (failure to disclose material non-public information) and Listing Rule 5101 (public interest concerns). The information to which Nasdaq referred was the conduct by Skystar’s audit committee of an internal investigation into certain allegations, raised by Skystar’s auditors, that the auditors had been presented by Skystar personnel with false bank documents relating to one bank account. The public...