ZST Digital Networks, Inc. (ZSTN: Quote) said Friday that its Board of Directors has decided to seek a voluntary delisting from the NASDAQ Global Market in view of the company's inability to continue to comply with the NASDAQ's continued listing requirements of making filings with the SEC on a timely basis.
BDO China Dahua CPA Co., Ltd. had previously informed ZST of its decision to resign as the company's independent registered public accounting firm, effective March 26. In addition, BDO had informed the company that BDO can no longer support its opinion dated March 3, 2011 relating to its audit of the company's consolidated financial statements for the year ended December 31, 2010 contained in its Form 10-K filed with the SEC on March 4, 2011. As a result, the company anticipates that it will be unable to file its annual report on Form 10-K for the fiscal year ended December 31, 2011 on a timely basis.
The company said it plans to file a Form 25 with the SEC on or about April 16, anticipates that the delisting of its common stock will become effective on or about April 26.
The company expects that its common stock will be eligible for trading on the over-the-counter market thereafter.
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by RTT Staff Writer
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