Nasdaq rejects ShengdaTech delisting appeal
A request for continued listing on the Nasdaq submitted by nano-precipitated calcium carbonate manufacturer ShengdaTech, Inc. has been turned down. According to the Nasdaq Listing Qualifications Panel determination, the Nasdaq trading of shares in the China-based company was suspended as of the opening of business on June 10, pending the formal delisting of the company's securities from the exchange. As a result the ShengdaTech’s common stock commenced trading on the over-the-counter market at the opening of trading on June 10, 2011. ShengdaTech says it intends to appeal the Panel's determination to the Nasdaq Listing and Hearing Review Council.
“The company remains committed to executing on the compliance plan previously presented to Nasdaq,” said ShengdaTech in a statement. “The special committee, with the support and cooperation of the company, is focused on completing the investigation and audit process so that any concerns about the company can be properly addressed and the company can provide accurate and complete information to its shareholders and the investing public.”
To further these goals, on June 8 ShengdaTech’s audit committee approved the engagement of Marcum Bernstein & Pinchuk (MBP) as its independent registered public accounting firm. Such engagement is subject to satisfactory completion of MBP’s new client acceptance procedures. ShengdaTech says it believes that MPB will provide “valuable assistance in helping it to achieve the requisite level of reporting compliance in a proactive and diligent manner.” The company adds that is thus intends to become compliant with its reporting obligations “as soon as practicable.”
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