James River Coal Co.(NasdaqGS:JRCC) dropped from NASDAQ Composite Index
Apr 16 14
James River Coal Co. will be removed from the NASDAQ Composite Index.
Nasdaq Intends To Delist James River Coal Company’s Common Stock
Apr 11 14
On April 8, 2014, James River Coal Company received notice from The Nasdaq Stock Market (Nasdaq) that Nasdaq intends to delist the company’s common stock and that trading of the company’s common stock will be suspended at the opening of business on April 17, 2014. In accordance with Nasdaq’s discretionary authority provided in Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq indicated that its decision was reached as a result of: the company’s filing of voluntary petitions for reorganization under Chapter 11 of Title 11 the U.S. Code on April 7, 2014; concerns regarding the residual equity interest of the existing listed securities holders; concerns about the company’s ability to sustain compliance with all of Nasdaq’s continued listing standards, including because the bid price of the company’s common stock had closed below $1 per share for 30 consecutive days, resulting in non-compliance with Nasdaq Listing Rule 5450(a)(1); and the company’s failure to timely file with the U.S. Securities and Exchange Commission (SEC) its annual report on Form 10-K for the fiscal year ended December 31, 2013, resulting in non-compliance with Nasdaq Listing Rule 5250(c)(1). The company does not intend to take any further action to appeal Nasdaq’s decision to delist the company’s common stock. Therefore it is expected that the company’s common stock will be delisted after the completion of Nasdaq’s application to the SEC to delist the company’s common stock. The common stock may be eligible for quotation on the OTC Bulletin Board after Form 10-K is filed, but such listing would be initiated by a market maker in the stock and the company therefore cannot give any assurances as to when or if such listing would take place. The company also cannot currently estimate when the Form 10-K will be filed.
James River Coal Company Announces Receipt of NASDAQ Notices
Mar 24 14
James River Coal Co. announced that it has received notice on March 18, 2014 from the Nasdaq Stock Market (Nasdaq) notifying the Company that it is not in compliance with Nasdaq Marketplace Rule 5450(a)(1) because the bid price of the Company's common stock closed below the required minimum $1.00 per share for the previous thirty consecutive business days. The March 18 Notice indicated that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, until September 15, 2014, to regain compliance with Rule 5450(a)(1). If at any time before September 15, 2014 the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will notify the Company that it has regained compliance with Rule 5450(a)(1). In the event the Company does not regain compliance with Rule 5450(a)(1) prior to the expiration of the 180-day period (or such later date as Nasdaq may provide by extension), Nasdaq will notify the Company that its common stock is subject to delisting. On March 20, 2014, the Company received a notice from Nasdaq stating that the Company is not in compliance with the continued listing requirements of Nasdaq Marketplace Rule 5250(c)(1) because its Annual Report on Form 10-K for its fiscal year ended December 31, 2013 (the " 2013 10-K") was not timely filed with the Securities and Exchange Commission ("SEC"). In a Form 12b-25 Notification of Late Filing and a Current Report on Form 8-K, both filed with the SEC on March 17, 2014, the Company disclosed that it was unable to timely file its 2013 10-K without unreasonable effort and expense because of (i) the strategic review process announced on February 7, 2014, and (ii) the Company's inability to complete the financial statements and other disclosures to be included in its 2013 10-K because of the time requirements of the strategic review process and the significant accounting and reporting issues related to both the strategic review process and the previously announced adjustments to the Company's mining operations. The Company has sixty calendar days from the date thereof (i.e., May 19, 2014) to file the 2013 10-K or to submit to Nasdaq a plan to otherwise regain compliance with the Nasdaq Marketplace Rules. If the Company submits a plan that is acceptable to Nasdaq, then Nasdaq may grant the Company an extension of up to 180 days from the prescribed due date for filing the 2013 10-K (i.e., until September 15, 2014).