The measure was taken as a result of Grand's failure to file its Annual Report on Form 20-F, it received a Nasdaq Staff Determination on July 19th stating that it was not in compliance with the requirements for continued listing on Nasdaq.
As a result, Grand will be delisted from the Nasdaq SmallCap Stock Market on July 30th. Grand says it does not expect the delay in filing its Annual Report on Form 20-F to be lengthy and intends to appeal.
Nasdaq has advised Grand the hearing date will be set generally between 20 and 40 days after the appeal is made. Grand intends to file the 20-F during this interim period which will result in a withdrawal of the delisting determination. If the Form 20-F is not filed prior to the date of the appeal hearing with the Nasdaq Qualifications Panel it may not continue with its listing.
Grand Toys was formed from the acquisition of Playwell in August 2004, International Playthings in March 2005 and Hua Yang Holdings and Kord Holdings in December 2005.