APWR got bumped to the Pinks today and the shares tumbled from $1.00 to $.40:
A-Power's Stock Suspended by Nasdaq in Advance of Nasdaq Listing Hearing; A-Power Expects Common Stock to be Quoted in the OTC Pink Limited Tier
Press Release Source: A-Power Energy Generation Systems, Ltd. On Monday September 26, 2011, 12:25 pm
SHENYANG, China, Sept. 26, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR - News), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that it has been advised by The Nasdaq Stock Market LLC that the current trading halt for its common shares will be converted to a suspension today, Monday, September 26, 2011.
As a result, the Company expects that its common shares will become eligible today for quotes and trading in the OTC Pink Limited Information tier of OTC Markets Group Inc. For information about quotes and trading, please see http://www.otcmarkets.com/otc-pink/home.
As previously announced, the Company received a determination letter from The Nasdaq Staff in which the Company was advised that the Staff had concluded that continued listing of the Company's securities on Nasdaq is no longer warranted based on certain circumstances surrounding the resignation of the Company's independent auditor, MSCM LLP ("MSCM"), on June 26, 2011, as well as the circumstances surrounding the Company's recent director resignations. The Staff's determination is based on the authority granted to Nasdaq under Listing Rule 5101. In addition, the Staff determined that the Company's failure to timely file with the SEC the Form 20-F for the year ended December 31, 2010, as required by Listing Rule 5250(c), constitutes a separate basis for delisting.
The Company has appealed the Staff's determination to a Nasdaq Listing Qualifications Panel (the "Panel"). The Company had requested that its shares remain halted pending the conclusion of the hearing with the Panel, however, Nasdaq elected not to grant the Company's request.
Notwithstanding, Nasdaq has advised the Company that the suspension may be reversed in the event the Panel determines to grant the Company's request for continued listing following the hearing. The hearing is scheduled for October 6, 2011. It is not known when the results of the hearing will be provided by Nasdaq.
A-Power is diligently working toward filing its SEC Form 20-F for the year 2010 and intends to request that its common shares be allowed to remain listed pending (1) the filing of the Form 20-F and (2) the Company demonstrating that it meets all applicable requirements for continued listing. In furtherance of this effort and as previously announced, on September 16, 2011, BDO Daejoo LLC was appointed as A-Power's new independent registered public accounting firm. The Company has specifically engaged BDO Daejoo LLC to audit the Company's financial statements for the year ended December 31, 2010. There can be no assurance that the Nasdaq suspension will be reversed or that the Panel will grant the Company's request for continued listing.
A-Power's stock symbol will remain APWR.
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http://finance.yahoo.com/news/APowers-Stock-Suspended-by-prnews-1585093281.html?x=0&.v=1 |
