kl02072.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): February 20,
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 February 20, 2008, the registrant
received notice from the NASDAQ Stock Market (“NASDAQ”) of the failure of its
common stock to maintain a minimum bid price of $1.00 per share for the
preceding 30 business days, as required by NASDAQ Marketplace Rule
4450(a)(5). If, at any time before August 18, 2008, the bid price of
the Company’s common stock closes at $1.00 per share or more 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 restored by August 18, 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,
the Company may apply for transfer of the listing of its securities to the
NASDAQ Capital Market, and be afforded the remainder of such market’s second 180
calendar day compliance period in order to regain compliance while on such
market.
NASDAQ’s February 20th notice does not
affect the notices 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 30, 2007 and in respect of the Company’s
failure to maintain a $5 million minimum market value of publicly held shares,
which were described in the Company’s Current Reports on Form 8-K, filed on
November 27, 2007 and January 2, 2008, respectively.
Item
9.01.
Financial Statements and Exhibits.
(d) Exhibits
| |
|
| Exhibit
No. |
Description |
| |
|
|
99.1
|
Press Release,
dated February 22, 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: February
22, 2008