kl04021.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): April 7, 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.
Transfer
of Listing.
On January 2, 2008, the Registrant was
notified by The Nasdaq Stock Market that its common stock had failed to maintain
a minimum market value of publicly held shares of $5 million, as required for
continued inclusion on The Nasdaq Global Market, and that if compliance with the
minimum was not restored for at least ten consecutive trading days before April
1, 2008, its common stock would be delisted from The Nasdaq Global
Market. The Registrant has not regained compliance with this
requirement and submitted on April 1, 2008 its application for transfer of its
listing to The Nasdaq Capital Market, which requires that the
Registrant maintain only $1 million in minimum market value of publicly
held shares. The Registrant was notified by The Nasdaq Stock Market
(“NASDAQ”) on April 7, 2008 that its application for the transfer of its common
stock to NASDAQ’s Capital Market from NASDAQ’s Global Market was approved, and
that the transfer would be effective with the open of trading on April 9,
2008.
The
transfer of registrant’s listing 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. If registrant has not regained compliance by August 18, 2008,
NASDAQ will determine whether registrant’s common stock meets The Nasdaq Capital
Market’s initial listing criteria. If it does, registrant’s period to
regain compliance will be extended to February 17, 2009. Otherwise,
NASDAQ will provide written notification to registrant that the common stock
will be delisted. At that time, registrant may appeal NASDAQ’s
determination to delist its common stock.
Item
9.01.
Financial Statements and Exhibits.
(d) Exhibits
| Exhibit
No. |
Description |
| |
|
|
99.1
|
Press
Release, dated April 8, 2008, entitled “Franklin Credit Management Common
Stock to Begin Trading on Nasdaq Capital Market April 9,
2008.”
|
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: April
8, 2008