China Networks International Holdings Ltd. (formerly known as Alyst Acquisition Corp.) received a letter from the NYSE Amex indicating its intent to proceed with delisting of company’s common stock, units and warrants. The intent is based on the Exchange’s Company Guide, which cited the failure of the BVI company to meet certain initial listing requirements following the consummation of Alyst Acquisition Corporation’s merger with China Networks Media, Ltd. on June 30, 2009.
China Networks International Holdings Ltd. was formed as a result of this merger and redomestication of Alyst to the British Virgin Islands, but after that it failed to follow the requirements of the Exchange’s Company Guide. According to them, it is required for a company to have a minimum public distribution of 500,000 shares of common stock and a minimum of 800 public shareholders, or a minimum of 1 million shares of common stock together with a minimum of 400 public shareholders. Also, the Exchange cited company’s failure to provide certain additional documentation and information requested by the Exchange in a timely manner.
If China Networks fails to retain its listing on the NYSE Amex, its securities will be eligible for trading in the OTC Bulletin Board, until it can once again meet the listing requirements of the exchange.