- Current report filing (8-K)
March 12 2010 - 5:01PM
Edgar (US Regulatory)
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 9, 2010
TERRESTAR
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Delaware
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001-33546
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93-0976127
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(State
or Other
Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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12010
Sunset Hills Road
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Reston,
VA
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20190
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(Address
of Principal
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(Zip
Code)
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Executive
Offices)
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Registrant’s
telephone number, including area code: 703-483-7800
N/A
(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 (
see
General
Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 3.01
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Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing
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On March 9, 2010, TerreStar Corporation (“Company”)
received notification from The NASDAQ Stock Market’s Listing
Qualifications Department (“NASDAQ”) that for the last 30 consecutive business
days the bid price of the Company’s common stock on The NASDAQ Global Market has
closed below the minimum $1.00 per share required for continued inclusion under
NASDAQ Marketplace Rule 5450(a)(1) (“Minimum Share Price Rule”). This
notification has no effect on the listing of the Company’s common stock at this
time.
In
accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has 180
calendar days, or until September 7, 2010, to regain compliance. The NASDAQ
Listing Qualifications Department informed the Company that if, at any time
before September 7, 2010, the bid price of the Company’s common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business days within the
180 day period, NASDAQ will provide written notification that the Company has
achieved compliance with the Minimum Share Price Rule, although NASDAQ may, in
its discretion, require that the Company maintain a bid price in excess of $1.00
for a period in excess of 10 business days before determining that the issuer
has demonstrated the ability to maintain long-term compliance.
In the
event the Company does not regain compliance with the Minimum Share Price Rule
by September 7, 2010, NASDAQ will provide written notification that the
Company’s common stock will be delisted from The NASDAQ Global Market. At that
time, the Company may appeal NASDAQ’s determination to delist the Company’s
common stock to a NASDAQ Listing Qualifications Panel.
The
Company intends to monitor the closing bid price of its common stock between now
and September 7, 2010. We intend to maintain the listing of our
common stock on The NASDAQ Global Market, and we will consider available options
if our common stock does not trade at a level likely to result in compliance
with the Minimum Share Price Rule by September 7, 2010.
Item
7.01 – Regulation FD Disclosure.
On March
12, 2010, the Company issued a press release disclosing receipt of the
notification. A copy of the press release is attached as Exhibit
99.1. This exhibit is furnished, not filed, pursuant to Regulation
FD.
Exhibit No.
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Description
of Exhibit
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99.1
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Press
Release dated March 12, 2010
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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.
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TERRESTAR
CORPORATION
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By:
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/s/ Douglas
Brandon
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Douglas
Brandon
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General
Counsel & Secretary
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Date: March
12, 2010
3
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