INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing |
notified India Globalization Capital, Inc. (IGC) that the Company
is not in compliance with one of the Exchanges continued listing
standards. Section 704 of the Exchanges Company Guide requires
that a meeting of stockholders be held each year, and NYSE MKT
has notified the Company that it is below compliance for the
fiscal ended March 31, 2016 because it did not hold the required
annual meeting.
requirements of Section 1009 of the Company Guide. To maintain
its NYSE listing, the Company must submit a plan to the Exchange
by April 10, 2017, advising the Exchange of specific actions and
milestones for the Company to regain compliance with Section 704
of the Company Guide by holding an annual meeting of stockholders
as promptly as possible after the filing of Form 10-K for fiscal
ended March 31, 2017, which is due by June 30, 2017. Management
expects that the plan when executed will bring IGC into
compliance.
Company’s common stock, which will continue to be listed and
traded on the NYSE during the applicable cure period, but will be
assigned a “.BC” indicator by the NYSE to indicate that the
Company is below compliance. The “.BC” indicator will be
removed at such time as the Company is deemed compliant with the
NYSE’s continued listing standards.
2017, regarding the notice from the NYSE is filed as Exhibit 99.1
to this Form 8-K. and is incorporated by reference into this Item
3.01 in its entirety.
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Item 9.01.
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Financial Statements and Exhibits
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part of this current report.
April 4, 2017.
About INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC)
India Globalization Capital, Inc. develops intellectual property for the treatment of life altering or life threatening conditions, through its research on phytocannabinoid-based therapies, in the United States. The Company also builds farming facilities for leasing. In Malaysia, the Company develops and manages residential and commercial real estate. In India, it leases heavy equipment. It is also focused on developing, testing and patenting phytocannabinoid-based pharmaceutical therapies and becoming a specialty pharmaceutical provider of phytocannabinoid-based pharmaceutical and nutraceutical products. It is developing a product portfolio of phytocannabinoid-based therapies for indications, including neuropathic and cancer pain, epilepsy, end of life supportive care, adjunctive supportive therapies of chronic neurological and oncological diagnosis. In Malaysia, the Company’s subsidiary, Cabaran Ultima Sdn. Bhd., is focused on building a five-star hotel, Genting highlands. INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) Recent Trading Information
INDIA GLOBALIZATION CAPITAL, INC. (NYSEMKT:IGC) closed its last trading session down -0.069 at 0.531 with 4,042,299 shares trading hands.