Peace Arch Entertainment Group Inc. (PAE,PAE.TO) said that it received notice from the NYSE Amex LLC of the Exchange's intent to delist the company's common shares. The company continues to review its options but has decided not to appeal Amex's determination to seek delisting. If the company does not appeal the determination, the effective date of delisting will be September 30, 2009.
The Exchange stated that the company is not in compliance with Sections 134 and 1101 of the Exchange's Company Guide because it has not filed its Annual Report on Form 20-F for the year ended August 31, 2008 with the Securities and Exchange Commission.
Further, the Exchange stated that the company did not complete a reverse stock split that the Exchange deemed appropriate pursuant to Section 1003(f)(v) of the Guide to address the company's low selling price. Given the continued low selling of the company's common shares, Amex stated that the Company's common shares are not suitable for auction market trading. The Exchange also stated that the Company's reduced market.
Upon delisting from Amex, the company believes its common shares will be eligible to be traded on the Pink Sheets.
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