PINGDINGSHAN, China,
Oct. 18, 2016 /PRNewswire/
-- Hongli Clean Energy Technologies Corp. (NASDAQ: CETC)
("Hongli" or the "Company"), a vertically integrated producer of
clean energy products located in Henan
Province, China, today
announced that it has received a letter from The NASDAQ Stock
Market ("NASDAQ") notifying the Company that it is not in
compliance with NASDAQ Listing Rule 5250(c)(1) because it has not
filed its Annual Report on Form 10-K for the period ended
June 30, 2016 in a timely manner with
the Securities and Exchange Commission (the "SEC"). NASDAQ
Listing Rule 5250(c)(1) requires listed companies to timely file
all required periodic financial reports with the SEC.
As previously disclosed, the Company received a notification
letter (the "Notice") from the NASDAQ advising the Company that for
30 consecutive business days preceding the date of the Notice, the
bid price of the Company's common stock had closed below the
$1.00 per share minimum required for
continued listing on The NASDAQ Capital Market pursuant to NASDAQ
Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The
Company was provided 180 calendar days, or until March 28, 2016, to regain compliance with the
Minimum Bid Price Rule. The Company was unable to regain compliance
with the Minimum Bid Price Rule by March 28,
2016. On April 4, 2016, NASDAQ
granted the Company an additional 180 calendar days, or until
September 26, 2016, to regain
compliance with the Minimum Bid Price Rule. As of the date hereof,
the Company has not regained compliance with the Minimum Bid Price
Rule though it is in the process of completing a one-for-ten
reverse stock split.
On September 28, 2016, the Company
received a Determination letter (the "Letter") from the NASDAQ
notifying the Company of the NASDAQ Staff's determination (the
"Determination") to delist the Company's securities from the NASDAQ
Capital Market due to its failure to regain compliance with the
$1.00 per share minimum required for
continued listing on the NASDAQ Capital Market pursuant to the
Minimum Bid Price Rule, after the second 180 calendar day
compliance period.
On October 5, 2016, the Company
requested an appeal of the Determination with the NASDAQ.
Accordingly, the delisting action referenced in the Letter,
including suspension of the trading of the Company's common stock
and filing of Form 25-NSE with the Securities and Exchange
Commission (the "SEC"), has been stayed, pending a final written
decision by the NASDAQ Hearings Panel (the "Panel") following
Company's oral appeal hearing scheduled for November 17, 2016. At the hearing, the
Company intends to present a plan to regain compliance with the
Minimum Bid Price Rule and request that the Panel allow the Company
additional time within which to regain compliance.
Because the Company is already before the Panel for its failure
to comply with the Minimum Bid Price Rule, the Company will have
until October 19, 2016 to request a
stay of the suspension, pending the Panel's decision. In response
to NASDAQ's delinquency letter, the Company intends to request a
stay of suspension by October 19,
2016 and address this additional deficiency in front of the
Panel.
About Hongli Clean Energy Technologies Corp.
Previously known as SinoCoking Coal and Coke Chemical
Industries, Inc., Hongli Clean Energy Technologies Corp. ("Hongli"
or the "Company") is a Florida
corporation and an emerging producer of clean energy products
located in Pingdingshan City, Henan
Province, China. The
Company has historically been a vertically-integrated coal and coke
processor of basic and value-added coal products for steel
manufacturers, power generators, and various industrial users. The
Company has been producing metallurgical coke since 2002, and acts
as a key supplier to regional steel producers in central
China. The Company also produces
and supplies thermal coal to its customers in central China. The Company currently owns its assets
and conducts its operations through its subsidiaries, Top Favour
Limited and PingdingshanHongyuan Energy Science and Technology
Development Co., Ltd., and its affiliated companies, Henan Province
PingdingshanHongli Coal & Coke Co., Ltd., Baofeng Coking
Factory, BaofengHongchang Coal Co., Ltd., BaofengHongguang
Environment Protection Electricity Generating Co., Ltd., Zhonghong
Energy Investment Company, Henan Hongyuan Coal Seam Gas Engineering
Technology Co., Ltd., BaofengShuangri Coal Mining Co., Ltd., and
BaofengXingsheng Coal Mining Co., Ltd.
For additional information on the Company, please go to
http://www.cetcchina.net/ or refer to the company's periodic
reports filed with the Securities and Exchange Commission
(http://www.cetcchina.net/sec-filings.html). Investors wishing to
receive the Company's corporate communications as they become
available may go to the company's Investor Relations site
(http://www.cetcchina.net/corporate-overview.html) and register
under Email Alerts.
Also, investors may submit questions directly to Mr. Lv and his
staff to receive non-confidential information about the company's
operations and products at the company's "Ask Management" blog
(http://www.cetcchina.net/ask-management.html).
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
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SOURCE Hongli Clean Energy Technologies Corp.