Pingtan Marine Enterprise (PME) Receives Notification From Nasdaq Related To Delayed Annual Report On Form 10-K
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Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced that it received a notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, because of Pingtan's delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K") with the U.S. Securities and Exchange Commission (the "SEC"), Pingtan is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The Notice has no immediate effect on the listing or trading of Pingtan's ordinary shares on the Nasdaq Capital Market.
Pingtan filed a Notification of Late Filing on Form 12b-25 with the SEC on April 1, 2021, indicating that the filing of the Form 10-K would be delayed due to the Company having had difficulty obtaining certain financial data and as a result, the complete preparation and review of the Form 10-K is taking longer than anticipated.
Nasdaq has informed the Company that it must submit a plan to regain compliance (the "Plan") within 60 calendar days of receipt of the Notice, or until June 14, 2021, addressing how Pingtan intends to regain compliance with Nasdaq's listing rules. If Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-K filing due date, or until October 12, 2021, to regain compliance.
The Company's management is working diligently to complete the Form 10-K and intends to file the Form 10-K with the SEC as soon as practicable.
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