Unassociated Document
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 19, 2010
Berkshire
Bancorp Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
(State or other
jurisdiction
of
incorporation)
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01-13649
(Commission
File Number)
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94-2563513
(IRS
Employer
Identification
No.)
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160
Broadway, New York, New York 10038
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: (212) 791-5362
NOT
APPLICABLE
(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):
¨ 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 April 19, 2010, a representative
of Berkshire Bancorp Inc. (the "Company"), notified a representative
of the Listing Qualifications Department of The NASDAQ Stock
Market of the Company’s failure to comply with a NASDAQ listing rule
due to the Company’s inability to file timely its Form 10-K for the
fiscal year ended December 31, 2009 (“Form 10-K”). In response, on
that date the Company received a notification letter from the representative of
the Listing Qualifications Department confirming that the Company was
not in compliance with NASDAQ Listing Rule 5250(c)(1) because it had
not yet filed the Form 10-K, as required by that rule.
The NASDAQ notification letter
indicated that the Company had until June 18, 2010 to submit to the Staff a plan
to regain compliance with the applicable listing rule. The letter
also stated that if the plan submitted by the Company is accepted, the Staff can
grant the Company an exception of up to 180 calendar days from the Form 10-K’s
due date, or until October 12, 2010, for the Company to regain
compliance.
The Company issued a press release on
April 22, 2010 disclosing its receipt of the NASDAQ Staff’s letter. A
copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements
and Exhibits.
Exhibit 99.1 The
Company’s press release of April 22, 2010 announcing its receipt of
the Nasdaq notification letter regarding the Company’s non-compliance with
Nasdaq Marketplace rule 5250(c)(1).
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.
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BERKSHIRE
BANCORP INC.
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By:
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/s/
STEVEN ROSENBERG
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Steven
Rosenberg
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President
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Dated: April
22, 2010
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