pact_8k-061308.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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) June 13, 2008
PACIFICNET
INC.
(Exact
name of registrant as specified in charter)
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Delaware
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000-24985
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91-2118007
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(State
or Other Jurisdiction
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(Commission
File
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(IRS
Employer
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of
Incorporation)
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|
Number)
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Identification
No.)
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c/o
PacificNet Inc.
23/F,
Tower A, TimeCourt, No.6 Shuguang Xili,
Chaoyang District, Beijing,
China 100028
(Address
of Principal Executive Offices) (Zip Code)
011-852-2876-2900
(Registrant’s
telephone number, including area code)
(Former
Name or Former Address, if Changed Since Last Report)
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:
[ ] 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 June
13, 2008, PacificNet Inc. (NASDAQ: PACT) (the “Company” or “PacificNet”), issued
a press release, attached to this Current Report on Form 8–K as Exhibit 99.1,
reporting that the Company received a letter on June 13, 2008 (the “Deficiency
Letter”), from The Nasdaq Stock Market indicating that the Staff has determined
that the Company's stockholders' equity does not comply with the minimum
$10,000,000 stockholders' equity requirement for continued listing on The NASDAQ
Global Market set forth in Marketplace Rule 4450(a)(3). PacificNet plans to
submit its plan to regain compliance shortly.
The
Company may present its views with respect to the deficiency reflected in the
Deficiency Letter in writing to the Panel no later than June 20,
2008. In the event the Company fails to address the deficiency
reflected in the Deficiency Letter, the Panel will consider the record as
presented at the hearing and will make its determination with respect to
continued listing of the Company’s securities based upon that
information. There can be no assurance that the Panel will grant the
Company’s request for continued listing.
A copy of
a press release relating to the foregoing is attached hereto as Exhibit
99.1.
Safe
Harbor Statement
This
Company's announcement contains forward-looking statements. Statements that are
not historical facts, including statements about our beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties. Potential risks and uncertainties include, but are not
limited to, PacificNet's historical and possible future losses, limited
operating history, uncertain regulatory landscape in China, fluctuations in
quarterly operating results and PacificNet’s ability to maintain its continued
listing on Nasdaq. Further information regarding these and other risks is
included in PacificNet's Form 10-Q and 10-K and other filings with the
SEC.
Item
9.01. Financial Statements and Exhibits.
The
following exhibit is furnished herewith:
99.1
Press release dated June 13, 2008.
SIGNATURES
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.
PACIFICNET
INC.
By: /s/ Victor Tong
Name:
Victor Tong
Title: President
Dated:
June 20, 2008
EXHIBIT
INDEX
Exhibit
No. Description
99.1 Press
Release of PacificNet Inc. dated June 13, 2008.