China Century shares delisting appeal denied
NEW YORK, June 17
NEW YORK, June 17 (Reuters) - China Century Dragon Media Inc CDM.A CCDM.PK said a panel at the NYSE Amex denied the company's request for continued listing on the exchange and would suspend its listing starting on Friday.
The shares are not immediately eligible for over-the-counter trading and will instead be eligible for gray market trades that are reported by broker-dealers to their self regulatory organization, the company said in a statement.
The television advertising company said that it would appeal the decision and that it "remains committed" to a compliance plan it previously presented to the exchange.
On Monday, the Securities and Exchange Commission stopped China Century, along with China Intelligent Lighting and Electronics Inc CIL.A, from selling privately-held shares to investors, calling the registration statements "materially misleading." [ID:nN13123878]
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