Hongli Clean Energy Technologies (CETC) Request for Continued Listing Granted by Nasdaq
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Hongli Clean Energy Technologies Corp. (Nasdaq: CETC) announced, as previously reported, on October 12, 2016, the Company received a Determination letter from The NASDAQ Stock Market LLC (the "Nasdaq") notifying the Company of the Nasdaq Staff's determination that the Company's failure to timely file its annual report on Form 10-K for the fiscal year ended June 30, 2016 could serve as an additional basis for delisting from The Nasdaq Stock Market pursuant to Listing Rule 5250(c)(1). In addition, on November 16, 2016, the Company received an additional deficiency notice for the late filing of its periodic report on Form 10-Q for the quarter ended September 30, 2016, which could also serve as an additional basis for delisting pursuant to Listing Rule 5250(c)(1). The Company had previously been notified that it did not comply with the $1.00 bid price requirement for continued listing, as set forth in Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). In response, on October 27, 2016, the Company effected a 1-for-10 reverse stock split. As of the date of this filing, the Company's bid price has remained above $1.00 per share for 19 consecutive trading days.
Based on the foregoing, the Company requested a hearing before a Nasdaq Listing Qualifications Panel (the "Panel"). Following the oral hearing before the Panel on November 17, 2016, on November 21, 2016, the Company received written notification that the Panel had determined that the Company has regained compliance with the Minimum Bid Price Rule and has granted the Company's request for continued listing pending the filing of its delinquent reports and any necessary restatements with the Securities and Exchange Commission through January 31, 2017. Notwithstanding the foregoing, there can be no assurance that the Company will regain compliance by January 31, 2017, or that the Panel will grant a further extension in the event the Company does not timely regain compliance.
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