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 OR LISTING.
On April 6, 2017, Yulong Eco-Materials Limited (the Company)
received a notification letter from the Listing Qualifications
Department of The NASDAQ Stock Market LLC (NASDAQ) indicating
that the Company is not in compliance with NASDAQ Listing Rule
5550(a)(2) (the Rule) because the closing bid price of the
Companys common stock on The Nasdaq Capital Market has been below
$1.00 per share for 30 consecutive business days. The Nasdaq
notification has no immediate effect on the listing or trading of
the Companys common stock, which will continue to trade on The
Nasdaq Capital Market under the symbol YECO.
The Company has 180 calendar days, or until October 3, 2017, to
regain compliance. If, at any time before that date, the closing
bid price of the Companys common stock is at least $1.00 per
share or more for a minimum of 10 consecutive business days,
NASDAQ will notify the Company that it has achieved compliance
with the Rule.
If the Company does not regain compliance by October 3, 2017, the
Company may be eligible for a second compliance period of 180
calendar days. To qualify, the Company will be required to meet
the continued listing requirement for market value of publicly
held shares and all other initial listing standards for The
Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide NASDAQ written notice of
its intention to cure the deficiency during the second compliance
period.
If it appears to the NASDAQ staff that the Company will not be
able to cure the deficiency, or if the Company does not cure the
deficiency following the additional time, NASDAQ will notify the
Company that its common stock will be subject to delisting. At
that time, the Company may appeal the Staffs delisting
determination to a Hearings Panel. If the Company timely appeals,
it would remain listed pending the Hearing Panels decision.
The Company intends to monitor the closing bid price of its
common stock and may consider implementing available options to
regain compliance with the Rule. This information is being
provided to comply with NASDAQ Listing Rules requiring public
announcement of the Companys receipt of the notification letter
from NASDAQ.
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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 down -0.050 at 0.450 with shares trading hands.