AURORA, Ohio, Nov. 21, 2016 /PRNewswire/ -- TCP International
Holdings Ltd. (NYSE: TCPI) notified the New York Stock Exchange
("NYSE") today that it will be unable to complete the filing of its
delinquent financial reports with the Securities and Exchange
Commission ("SEC") and regain compliance with the NYSE's continued
listing standards by November 25,
2016. As a result, the NYSE suspended the Company's common
stock from trading, effective today, on the NYSE. The NYSE
also notified the Company that it will commence proceedings to
delist its common stock from the NYSE. The Company intends to
appeal the NYSE's delisting determination and have such
determination reviewed by a Committee of the Board of Directors of
NYSE Regulation.
As previously disclosed, the NYSE granted the Company an
extended cure period to file its delinquent SEC reports and regain
compliance with the NYSE's continued listing standards. Also
as previously disclosed, the Company's recently completed Audit
Committee investigation found, among other things, that actions of
the Company's Chairman, Ellis Yan,
and the Company's Vice Chairman, Solomon
Yan, resulted in a material weakness in the effectiveness of
the Company's internal control over financial reporting.
Although the Company has worked expeditiously to implement remedial
actions and despite extensive discussions with the Company's
Chairman and Vice Chairman, the Company does not expect to
remediate the material weakness in time for the Company's
independent auditors to complete their audit of the Company's
financial statements by the end of the November 25, 2016 cure period.
The Company continues to operate its business as usual.
Additionally, a delisting does not change the Company's public
reporting requirements with the SEC or result in a default to any
material contract. To minimize the impact to its
shareholders, the Company has been exploring alternative trading
platforms as a means to provide liquidity to its shareholders and
expects that its shares of common stock will begin being quoted on
Tuesday, November 22, 2016, under the
symbol "TCPI" on the OTC Link, which is operated by OTC Markets
Group Inc. The Company will continue to work towards
remediating the material weakness, filing its SEC reports as soon
as reasonably possible, and regaining the listing of its common
stock on the NYSE.
About TCP
TCP is a leading global manufacturer and distributor of energy
efficient lighting technologies. TCP's extensive product offerings
include LED and CFL lamps and fixtures and other energy efficient
lighting products. TCP is a proud ENERGY STARĀ®
partner of the U.S. Environmental
Protection Agency. TCP's products are currently offered
through thousands of retail and C&I distributors. Since TCP's
inception, it has sold more than one billion energy efficient
lighting products. For more information, visit
http://www.tcpi.com.
Forward Looking Statements
Certain statements in this release may constitute forward
looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including those related to its ability to comply with
SEC reporting obligations, regain NYSE listing requirements, and
have its common stock traded on other exchanges. These
forward-looking statements are only predictions, not historical
fact, and involve certain risks and uncertainties, as well as
assumptions. Actual results, levels of activity, performance,
achievements and events could differ materially from those stated,
anticipated or implied by such forward-looking statements. While
TCP believes that its assumptions are reasonable, it is very
difficult to predict the impact of known factors, and, of course,
it is impossible to anticipate all factors that could affect actual
results. There are a number of risks and uncertainties that could
cause actual results to differ materially from forward-looking
statements made herein. Such forward-looking statements are made
only as of the date of this release. TCP expressly disclaims any
obligation or undertaking to release any updates or revisions to
any forward-looking statements contained herein to reflect any
change in its expectations with regard thereto or changes in
events, conditions or circumstances on which any statement is
based.
Contact
Zachary Guzy
Interim Chief Financial Officer
330-954-7689
ir@tcpi.com
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SOURCE TCP International Holdings Ltd.