Delisting Determination,The Nasdaq Stock Market, LLC,
November 10, 2011, Subaye, Inc. The Nasdaq Stock
Market, Inc. (the Exchange) has determined to remove
from listing the common stock of Subaye, Inc.
(the Company), effective at the opening of the trading
session on November 21, 2011. Based on review of information
provided by the Company, Nasdaq Staff determined that the
Company no longer qualified for listing on the Exchange
pursuant to Listing Rules 5100, 5250(c)(1), 5605(b)(1),
and 5605(c)(2). The Company was
notified of the Staffs determination on May 31, 2011.
The Company appealed the determination to a Hearing Panel
and also requested that the Panel stay the delisting action
pending the hearing. The Panel denied this request and
notified the Company on June 22, 2011 that its shares would
be suspended on June 24 2011. After a hearing and
upon review of the information provided by the Company,
the Panel issued a decision dated July 18, 2011, which
notified the Company of its determination to
delist the Companys shares. The Company did not request
a review of the Panels decision
by the Nasdaq Listing and Hearing Review Council. The
Listing Council did not call the matter for review.
The Panels Determination to delist the Company became
final on September 1, 2011.