YULONG ECO-MATERIALS LIMITED (NASDAQ:YECO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On March 15, 2017, Yulong Eco-Materials Limited (the Company)
received a deficiency letter (the Letter) from the NASDAQ Stock
Market LLC (the Nasdaq) regarding the Companys failure to comply
with NASDAQ List Rule 5605(c)(2), to which an audit committee
must have at least three members and be comprised only of
independent directors. Due to the resignation of Alice Io Wai Wu,
and Michael W. Harlan on February 11, 2017, the Company failed to
meet the aforesaid requirement.
Under Rule 5605(c)(4) and 5810(c)(3)(E), the Company has been
provided a cure period to regain compliance as follow (the Cure
Period):
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until the earlier of the Companys next annual shareholders meeting or February 11, 2018; or |
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if the next annual shareholders meeting is held before August 10, 2017, then the Company must evidence compliance no later than August 10, 2017. |
If at any time during the cure period the Company submits to
Nasdaq documentation, including biographies of any new directors,
evidencing compliance with the rules, the Companys compliance
will be regained.
In the event that the Company does not regain compliance in the
Cure Period, staff at the Nasdaq is required to provide written
notification to the Company that its securities will be delisted.
At that time, the Company may appeal the delisting determination
to a Hearing Panel.
This Form 8-K is filed to satisfy the obligation that the Company
publicly disclose the deficiency within four (4) business days
after the date of the Letter.
Item 9.01 Financial Statements and Exhibits
The following exhibit is furnished as part of this Current Report
on Form 8-K:
| Exhibit | Description | |
| 99.1 | Press Release. |
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About YULONG ECO-MATERIALS LIMITED (NASDAQ:YECO)
Yulong Eco-Materials Limited is a holding company. The Company is a manufacturer of building products. The Company’s segments include Yulong Bricks; Yulong Concrete and Yulong Transport, and Yulong Renewable. The Yulong Bricks segment is engaged in the production and sale of fly-ash bricks. The Yulong Concrete and Yulong Transport segment is engaged in the production and sale of ready-mixed concrete. The Yulong Renewable segment is engaged in the hauling and processing of construction waste, and production and sale of recycled aggregates and recycled bricks. The Company produces fly ash bricks and ready-mixed concrete. The Company’s construction waste management (CWM) business includes hauling and processing construction waste, and producing crushed construction waste or recycled aggregates, and bricks made from recycled aggregates, or recycled bricks. The Company operates principally from the city of Pingdingshan, Henan Province, in the People’s Republic of China. YULONG ECO-MATERIALS LIMITED (NASDAQ:YECO) Recent Trading Information
YULONG ECO-MATERIALS LIMITED (NASDAQ:YECO) closed its last trading session 00.000 at 0.920 with shares trading hands.
