China North East Petroleum (NEP) Gets Notice of Delisting from NYSE Amex
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China North East Petroleum Holdings Limited (AMEX: NEP), has received a letter dated April 4, 2012 from NYSE Regulation, Inc. in which NYSE Staff allege the Company no longer complies with NYSE's continued listing standards as set forth in the Company Guide and its securities are, therefore, subject to delisting from the NYSE.
In general, the NYSE allegations primarily relate to issues concerning documentation and disclosures for transactions between the Company and related parties, including those identified in the John Lees & Associates report to the Company, dated July 2010, and the failure of the Company to file its Form 10-K for 2011 on time. Additional information regarding the April 4, 2012 letter from NYSE can be found in the Company's filing on form 8-K made today with the SEC.
The Company intends to appeal the attempted delisting before the Listing Qualifications Panel of the NYSE and will on or before April 11, 2012, submit a formal request for hearing before the Listing Qualifications Panel (the "Panel"). According to NYSE, hearings on such matters are scheduled within 45 days of the date the request for hearing is submitted. After the hearing, the Company understands that the Panel will issue a written decision (the "Panel Decision"). Should the Company disagree with the Panel Decision, the Company may seek review of the Panel Decision by the Committee on Securities.
In general, the NYSE allegations primarily relate to issues concerning documentation and disclosures for transactions between the Company and related parties, including those identified in the John Lees & Associates report to the Company, dated July 2010, and the failure of the Company to file its Form 10-K for 2011 on time. Additional information regarding the April 4, 2012 letter from NYSE can be found in the Company's filing on form 8-K made today with the SEC.
The Company intends to appeal the attempted delisting before the Listing Qualifications Panel of the NYSE and will on or before April 11, 2012, submit a formal request for hearing before the Listing Qualifications Panel (the "Panel"). According to NYSE, hearings on such matters are scheduled within 45 days of the date the request for hearing is submitted. After the hearing, the Company understands that the Panel will issue a written decision (the "Panel Decision"). Should the Company disagree with the Panel Decision, the Company may seek review of the Panel Decision by the Committee on Securities.
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