VietNamNet Bridge - Vietnamese construction firm Cavico Corp has been warned of being delisted from US NASDAQ stock market.
The company has violated the law, “NASDAQ Marketplace Rule 5250(c)(1)” on timely filing of periodic financial reports with the U.S. Securities and Exchange Commission (SEC), a condition to continue listing of securities there.

Cavico has failed to file its Form 10-Q for the period ended March 31, 2011, and remained delinquent in filing Form 10-K for the period ended December 31, 2010, on time.

So it has to submit a plan to regain compliance with the Rule until June 17, 2011 under the NASDAQ Listing Rules.

If NASDAQ approves it, Cavico has the authority to grant an exception for up to 180 calendar days from the first delinquent filing's due date, or until October 12, 2011, to regain compliance with the rule by filing any past due periodic filings with the SEC.

In determining whether to accept it, NASDAQ will consider such things as the likelihood that the two delinquent filings, along with any subsequent periodic filing that becomes due, can be made within the 180 day period.

NASDAQ will also take the Cavico's past compliance history, the reasons for the late filings, other corporate events that may occur within our review period, the Company's overall financial condition and its public disclosures in to consideration.

Cavico operates in large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. It is also making investments in hydropower facilities, cement production plants, mineral exploration and urban development projects in Vietnam.

The company employs more than 3,000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.

Source: Tuoi Tre