HONGLI CLEAN ENERGY TECHNOLOGIES CORP. (NASDAQ:CETC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure To Satisfy A Continued Listing Rule or Standard; Transfer of Listing. |
On April 7, 2017, Hongli Clean Energy Technologies Corp. (the
Company) received a Determination letter (the Letter) from the
Nasdaq Stock Market LLC (the Nasdaq) notifying the Company of the
Nasdaq Hearings Panels determination (the Determination) to i)
delist the Companys securities from the Nasdaq Capital Market and
ii) suspend the trading of Companys common stock, effective April
11, 2017 due to its failure to comply with Nasdaq Listing Rule
5250(c)(1) (the Reporting Rule). As of the date of this Current
Report, the Company has not timely filed its Form 10-K for the
year ended June 30, 2016 and Form 10-Qs for the quarters ended
September 30, 2016 and December 31, 2016. to the Letter, unless
the Company requests a review of the Determination by the Nasdaq
Listing and Hearing Review Council (the Council) by April 22,
2017, a Form 25-NSE will be filed with the SEC, causing the
Companys securities to be removed from listing and registration
on the Nasdaq Capital Market. While the Company currently intends
to request a review of the Determination by the Council, there
can be no assurance that the Council will grant the Companys
request for additional time to regain compliance.
As previously reported, on October 12, 2016, the Company received
a determination letter from the Nasdaq notifying the Company of
the Nasdaqs determination thatthe Companys 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 Capital Market to the Reporting Rule. 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 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 and its bid price has
since remained above $1.00 per share. 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 Companys request for
continued listing pending the filing of its delinquent reports
and any necessary restatements with the Securities and Exchange
Commission (the SEC) through January 31, 2017. On January 30,
2017, the Company informed the Panel that its auditor had
notified the Company on January 26, 2017 that it would need
additional time to complete the audit. The Panel granted the
Companys request for extension of exception period pending the
filing of its delinquent reports and any necessary restatements
with the SEC by March 31, 2017. On March 31, 2017, the Company
informed the Panel that it had decided to seek a different
auditor and therefore was not able to comply with the Reporting
Rule.
| Item7.01. | Regulation FD Disclosure. |
Notwithstanding of the period in connection with the suspension
of Companys securities described in the foregoing Letter, on
April 7, 2017, Nasdaq announced through a press release that it
has halted the trading of Companys securities, effective 12:15pm
on April 10, 2017, for additional information requested from the
Company at a last sale price of $4.6399. Trading will remain
halted until Company fully satisfies Nasdaqs request for such
additional information.
About HONGLI CLEAN ENERGY TECHNOLOGIES CORP. (NASDAQ:CETC)
Hongli Clean Energy Technologies Corp., formerly SinoCoking Coal and Coke Chemical Industries, Inc., is an energy production company. The Company focuses on providing clean burning energy located in the People Republic of China. The Company primarily generates synthetic gas. The Company’s business operations are conducted by a variable interest entity (VIE), Henan Pingdingshan Hongli Coal & Coking Co., Ltd., (Hongli). The Company generates synthetic gas (Syngas), which is converted from coke using the coke gasification facility. The Company’s Stage I facility has a designed annual coke gasification capacity of 438,000,000 cubic meters of syngas or 50,000 cubic meters of syngas per hour. HONGLI CLEAN ENERGY TECHNOLOGIES CORP. (NASDAQ:CETC) Recent Trading Information
HONGLI CLEAN ENERGY TECHNOLOGIES CORP. (NASDAQ:CETC) closed its last trading session 00.00 at 4.63 with 4,022,690 shares trading hands.
