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): May 25, 2010
Berkshire
Bancorp Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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01-13649
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94-2563513
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(State or other
jurisdiction
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(Commission
File Number)
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(IRS
Employer
|
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of
incorporation)
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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 May
25, 2010, Berkshire Bancorp Inc. (the "Company"), received a notification letter
from a representative of the Listing Qualifications Department of The NASDAQ
Stock Market stating that due to the Company’s inability to file
timely its Form 10-Q for the period ended March 31, 2010 and its continuing
inability to file its Form 10-K for the fiscal year ended December 31, 2009
(“Form 10-K”), the Company was not in compliance with NASDAQ
Listing Rule 5250(c)(1).
The
NASDAQ notification letter reiterated 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 reiterated 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 June 1, 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 June 1, 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: June
1, 2010