Bodisen Biotech Delisted: What Next?

Mar.28.07 | About: BioShares Biotechnology (BBC)

Bodisen Biotech (NASDAQ:BBC), the Chinese fertilizer company that is no stranger to regular readers of this blog or my column, said today it won't contest the Amex's de-listing decision, which were based on three things:

1. SEC filings that "contained incomplete, misleading and/or inaccurate disclosures regarding the beneficial ownership of its securities by certain officers and directors..."

2. "Incomplete, inaccurate and/or misleading" disclosures in SEC filings regarding proceeds from a private placement and proceeds related to the company's listing on the London Stock Exchange's AIM market.

3. "Incomplete, inaccurate and/or misleading information" related to the company's relationship with "and payments to" a consultant, which has previously been identified as Benjamin Wey of the New York Global Group.

More troubling for investors, however, is that its next step for trading is uncertain. According to a Bodisen press release, it will only be eligible for the OTC Bulletin Board, the usual procession down, if it can file its annual report by April 15.

If it can't, it says it may wind up on the Pink Sheets, though that's not guaranteed unless a market maker shows an intent to submit the required application. So far, it says, that has not happened. It'll continue to be traded on the London Stock Exchange's AIM market, whose listing standards are low.