kl03015.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): March 5, 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))
As previously disclosed by registrant,
registrant was notified by the NASDAQ Stock Market (“NASDAQ”) in November 2007
that registrant’s common stock was subject to delisting by NASDAQ due to
registrant’s failure to file its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2007 (the “Q3 10Q”). Following receipt of the
notice, registrant requested a hearing to petition the NASDAQ staff for a grace
period to enable registrant to restore its compliance with NASDAQ’s requirements
with respect to filing of the Q3 10Q.
Prior to the hearing, registrant
received a notice from NASDAQ in respect of registrant’s failure to
maintain a $5 million minimum market value of publicly held shares, which was
described in the Company’s Current Report on Form 8-K, filed on January 2,
2008.
On March 5, 2008, following the
hearing, registrant received notice from NASDAQ of NASDAQ’s determination that
it would continue the listing of registrant’s common stock subject to
registrant’s filing the Q3 10Q on or before March 31, 2008, evidencing by April
1, 2008 a $5 million market value of publicly held shares, and maintaining that
market value for a minimum of ten consecutive trading days.
Registrant currently expects to file
the Q3 10Q on or before March 31, 2008. If registrant does not
satisfy the minimum market value requirement prior to April 1, 2008, registrant
currently plans to apply to transfer its listing from NASDAQ’s Global Market to
the NASDAQ Capital Market, which requires that registrant maintain only $1
million in minimum market value of publicly held shares.
NASDAQ’s March 5, 2008 notice does not
affect the notice of delisting previously received by registrant from NASDAQ in
respect of the failure of registrant’s common stock to maintain a minimum bid
price of $1.00 per share, which was described in the Company’s Current Report on
Form 8-K, filed on February 20, 2008, and requires remediation or appeal on or
before August 18, 2008.
Item
9.01. Financial Statements and
Exhibits.
(d) Exhibits
|
Exhibit
No.
|
Description
|
| |
|
|
99.1
|
Press
Release, dated March 10, 2008, entitled “Franklin Credit Management
Receives Determination Notice Following NASDAQ
Hearing.”
|
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: March
10, 2008