kl10019.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): October 30,
2008
FRANKLIN
CREDIT MANAGEMENT CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-17771
|
75-2243266
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
101
Hudson Street
Jersey
City, New Jersey
(Address
of Principal Executive Offices)
|
|
07302
(Zip
Code)
|
Registrant’s
telephone number, including area code: (201)
604-4402
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As
previously reported, on February 20, 2008, the registrant received notice from
The Nasdaq Stock Market (“Nasdaq”) of its pending delisting for failure to
maintain the minimum $1.00 bid price per share requirement in compliance with
Nasdaq Marketplace Rule 4310(c)(4). The registrant was provided a
180-day grace period to cure the deficiency, but was unable to do so within the
grace period.
Accordingly,
on August 22, 2008, Nasdaq notified the registrant that its common stock would
be delisted unless it requested a hearing. On August 25, 2008, the
registrant requested a hearing, which request had the effect of staying
delisting pending the outcome of the hearing.
On August
27, 2008, the registrant received a second notice from Nasdaq of the failure of
the registrant to maintain a minimum of $2,500,000 in stockholders’ equity, as
required by Nasdaq Marketplace Rule 4310(c)(3), which served as an additional
basis for delisting.
On
October 16, 2008, Nasdaq implemented a temporary suspension of the bid price and
market value of publicly held shares requirements through January 16, 2009, and
notified the registrant that it would not be delisted on either of these bases
during the suspension period, but that it could be delisted during the
suspension period for failure to maintain the minimum required stockholders’
equity.
The
hearing before the Nasdaq Hearings Panel (the “Panel”) was held on October 23,
2008. On October 30, 2008, the registrant received a letter from
Nasdaq stating that the Panel had denied the registrant’s request for continued
listing on Nasdaq and would suspend trading of the registrant’s shares effective
as of the open of business on Monday, November 3, 2008.
The
registrant expects its common stock to be quoted on the “Pink Sheets”, following
its delisting from The Nasdaq Capital Market and will seek to have its common
stock quoted on the OTC Bulletin Board.
A copy of
the registrant’s press release is attached to this report as Exhibit
99.1.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits
| |
|
| Exhibit
No. |
Description |
| |
|
|
99.1
|
Press
Release, dated October 30, 2008, entitled “Franklin Credit Management to
be Delisted from The Nasdaq Capital
Market.”
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, Franklin Credit
Management Corporation has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: October
30, 2008
FRANKLIN CREDIT
MANAGEMENT
CORPORATION
By: /s/ Paul
Colasono
Name: Paul
Colasono
Title: Chief
Financial Officer