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TMCNet:  QKL STORES INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

[January 06, 2014]

QKL STORES INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

(Edgar Glimpses Via Acquire Media NewsEdge) Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On January 4, 2014, China time, QKL Stores Inc. (the "Company) received a letter dated January 3, 2014 from the Nasdaq Stock Market LLC ("Nasdaq"). Nasdaq indicated in its letter that as a result of the resignation of Mr. Chaoying Li from the Company's Board of Directors, effective January 1, 2014, the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Listing Rule 5605, which requires that a majority of the Company's board of directors be comprised of independent members and its audit committee be comprised of three independent members.


Consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq indicated that it will provide the Company a cure period in order to regain compliance.

The Company has until the earlier of the Company's next annual shareholders' meeting or January 1, 2015 to regain compliance. Alternatively, if the next annual shareholders' meeting is held before June 30, 2014, then the Company must evidence compliance no later than June 30, 2014. The Company must submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the rules no later than this date. In the event the Company does not regain compliance by this date, Nasdaq rules require its staff to provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Hearings Panel.

The Company is conducting a search for a new director who meets the requirements of Nasdaq and is available for appointment to the Company's board of directors and audit committee within the cure period allowed under the Listing Rules. The Company fully expects to regain compliance prior to the end of the cure period.

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