kl01005.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): January 3, 2008
FRANKLIN
CREDIT MANAGEMENT
CORPORATION
(Exact
Name of Registrant as Specified
in 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.
On
January 2, 2008, the registrant
received notice from the NASDAQ Stock Market (“NASDAQ”) of the failure of its
common stock to
maintain a minimum market value of publicly held shares (“MVPHS”) of $5 million
as required by NASDAQ Marketplace Rule 4450(a)(2). If, at any time
before April 1, 2008, the MVPHS of the Company’s common stock is $5 million or
greater for a minimum of 10 consecutive trading days, NASDAQ will notify the
Company in writing that its compliance with the rule has been
restored. If such compliance has not been demonstrated by April 1,
2008, NASDAQ will provide written notification that the Company’s securities
will be delisted. At that time, the Company may appeal
NASDAQ’s
determination. Alternatively, before April 1, 2008, the Company may
apply for transfer of the listing of its securities to the NASDAQ Capital
Market, which requires an MVPHS of $1 million and a bid price of $1.00 for
listing.
NASDAQ’s
January 2nd
notice does not affect
the
notice of delisting previously received by the Company from NASDAQ, in respect
of its failure to timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended September 31, 2008, which was described in the Company’s Current
Report on Form 8-K,
filed
on
November
27, 2007. The
Company’s appeal with respect to that notice is scheduled to be heard on January
17, 2008. The Company currently anticipates filing such quarterly
report on or before January 31, 2008.
Item
9.01 Financial Statements
and Exhibits.
(d) Exhibits
|
Exhibit
No.
|
Description
|
| |
|
| 99.1 |
Press
Release, dated January 3, 2008, entitled “Franklin Credit Management
Receives Notice of Non-Compliance from
NASDAQ.” |
SIGNATURE
Pursuant
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
FRANKLIN
CREDIT
MANAGEMENT CORPORATION
By: /s/
Paul D.
Colasono
Name: Paul D.
Colasono
Title: Chief
Financial Officer and
Executive
Vice President
Date:
January
3, 2008