- Current report filing (8-K)
June 29 2010 - 3:15PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
June 23, 2010
NEW
GENERATION BIOFUELS HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Charter)
Florida
|
1-34022
|
26-0067474
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
5850
Waterloo Road, Suite 140
|
(Address
of principal executive offices)(Zip Code)
(410)
480-8084
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 1 3-e-4(c) under the Exchange Act (17 CFR
240.1 3e-4(c))
|
Item
3.01 Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of
Listing.
On June 23, 2010, we received a letter
from The Nasdaq Stock Market notifying us that a Staff determination has been
made to delist our securities from The Nasdaq Capital Market due to our
non-compliance with the Nasdaq Listing Rule 5550(a)(2) which requires our common
stock to maintain a minimum bid price of $1.00 per share and our inability to
regain compliance with the rule within the 180 calendar days given to us in
accordance with Listing Rule 5810(c)(3)(A). In addition, our inability to comply
with the minimum stockholders’ equity requirement of $2.5 million or to meet the
alternative minimum market value of listed securities or minimum net income from
continuing operations as of the period ending March 31, 2010 serves as an
additional basis for delisting our securities.
Pursuant to the procedures set forth in
the Nasdaq Listing Rules, we intend to appeal the Staff determination to a
Nasdaq Listing Qualifications Panel (the
“Panel
”
) by requesting a
hearing, and our common stock would remain listed on the Nasdaq Capital Market
pending a final determination by the Panel. Hearings are typically scheduled to
occur approximately 30-45 days after the date of the hearing request. If
successful, the Panel could grant up to an additional 180 calendar days, or
until December 20, 2010, for us to regain compliance with the Nasdaq Listing
Rules. There is no assurance that we will be successful in our appeal and will
remain listed on Nasdaq.
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
Date:
June 29, 2010
|
/s/
Cary J. Claiborne
|
|
|
Name:
Cary J. Claiborne
|
|
|
Title:
President and Chief Executive
Officer
|
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