Hongli Clean Energy Technologies (CETC) Receives Nasdaq Listing Notifcation
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Hongli Clean Energy Technologies Corp. (Nasdaq: CETC) announced that it has received a letter from The NASDAQ Stock Market ("NASDAQ") notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it has not filed its Annual Report on Form 10-K for the period ended June 30, 2016 in a timely manner with the Securities and Exchange Commission (the "SEC"). NASDAQ Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC.
As previously disclosed, the Company received a notification letter (the "Notice") from the NASDAQ advising the Company that for 30 consecutive business days preceding the date of the Notice, the bid price of the Company's common stock had closed below the $1.00 per share minimum required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The Company was provided 180 calendar days, or until March 28, 2016, to regain compliance with the Minimum Bid Price Rule. The Company was unable to regain compliance with the Minimum Bid Price Rule by March 28, 2016. On April 4, 2016, NASDAQ granted the Company an additional 180 calendar days, or until September 26, 2016, to regain compliance with the Minimum Bid Price Rule. As of the date hereof, the Company has not regained compliance with the Minimum Bid Price Rule though it is in the process of completing a one-for-ten reverse stock split.
On September 28, 2016, the Company received a Determination letter (the "Letter") from the NASDAQ notifying the Company of the NASDAQ Staff's determination (the "Determination") to delist the Company's securities from the NASDAQ Capital Market due to its failure to regain compliance with the $1.00 per share minimum required for continued listing on the NASDAQ Capital Market pursuant to the Minimum Bid Price Rule, after the second 180 calendar day compliance period.
On October 5, 2016, the Company requested an appeal of the Determination with the NASDAQ. Accordingly, the delisting action referenced in the Letter, including suspension of the trading of the Company's common stock and filing of Form 25-NSE with the Securities and Exchange Commission (the "SEC"), has been stayed, pending a final written decision by the NASDAQ Hearings Panel (the "Panel") following Company's oral appeal hearing scheduled for November 17, 2016. At the hearing, the Company intends to present a plan to regain compliance with the Minimum Bid Price Rule and request that the Panel allow the Company additional time within which to regain compliance.
Because the Company is already before the Panel for its failure to comply with the Minimum Bid Price Rule, the Company will have until October 19, 2016 to request a stay of the suspension, pending the Panel's decision. In response to NASDAQ's delinquency letter, the Company intends to request a stay of suspension by October 19, 2016 and address this additional deficiency in front of the Panel.
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