The Bermuda-based AlphaStar Insurance Group Limited (the successor to Stirling Cooke Brown Holdings) announced that it has been given a deadline of July 11 by the Nasdaq Listing Qualifications Department to show that it has fully complied with filing requirements, or face the delisting of its shares on The Nasdaq Small Cap Market.
The Company previously reported that it had not timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2002 or its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003. In previous announcements in April and May AlphaStar indicated that the reports “were in the final stages of review by the Company’s auditors,” and that they would “be filed shortly.”
The present bulletin explained that the Company “is not in compliance with the filing requirements for continued listing set forth in NASD Marketplace Rule 4310 (c)(14), which requires that Nasdaq issuers timely file their periodic reports in compliance with the reporting obligations under the federal securities laws.”
It also indicated that the required filings are still undergoing final review, and that “the Company remains optimistic that the auditors can complete their review in time to meet the NASD deadline.” It reiterated previous statements that it “continues to believe that neither the 10-K nor the 10-Q will reflect any restatement of prior results (except to reflect certain discontinued operations).”
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