The Nasdaq Listing and Hearing Review Council has affirmed the decision of the Nasdaq Hearings Panel to suspend the trading of United Development Funding IV's common shares and to delist the securities from the Nasdaq Stock Market.
The Nasdaq Hearings Panel in October 2016 determined to effect a trading suspension and delisting after the trust could not timely file certain annual and quarterly reports with the SEC. While the trading suspension was effective as of Oct. 19, 2016, United Development Funding appealed the determination to the council. The Nasdaq board, in its sole discretion, may now call the panel's decision for review.
Nasdaq must file a notification of delisting with the SEC, removing the trust's securities from listing and registration on the Nasdaq Stock Market. The filing of the notification had been stayed pending the trust's appeal of the panel's decision.