PINGDINGSHAN, China,
Nov. 22, 2016 /PRNewswire/--Hongli
Clean Energy Technologies Corp. (Nasdaq: CETC) (the "Company")
announced, as previously reported, on October 12, 2016, the Company received a
Determination letter from The NASDAQ Stock Market LLC (the
"Nasdaq") notifying the Company of the Nasdaq Staff's determination
that the Company's failure to timely file its annual report
on Form 10-K for the fiscal year ended June
30, 2016 could serve as an additional basis for delisting
from The Nasdaq Stock Market pursuant to Listing Rule 5250(c)(1).
In addition, on November 16, 2016,
the Company received an additional deficiency notice for the late
filing of its periodic report on Form 10-Q for the quarter ended
September 30, 2016, which could also
serve as an additional basis for delisting pursuant to Listing Rule
5250(c)(1). The Company had previously been notified that it
did not comply with the $1.00 bid price requirement for continued
listing, as set forth in Listing Rule 5550(a)(2) (the "Minimum Bid
Price Rule"). In response, on October 27, 2016, the Company
effected a 1-for-10 reverse stock split. As of the date of this
filing, the Company's bid price has remained above $1.00 per share
for 19 consecutive trading days.
Based on the foregoing, the Company requested a hearing before a
Nasdaq Listing Qualifications Panel (the "Panel"). Following the
oral hearing before the Panel on November
17, 2016, on November 21,
2016, the Company received written notification that the
Panel had determined that the Company has regained compliance with
the Minimum Bid Price Rule and has granted the Company's request
for continued listing pending the filing of its delinquent reports
and any necessary restatements with the Securities and Exchange
Commission through January 31, 2017.
Notwithstanding the foregoing, there can be no assurance that the
Company will regain compliance by January
31, 2017, or that the Panel will grant a further extension
in the event the Company does not timely regain compliance.
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.
Company Contact:
Jianhua Lv, CEO
Phone: + 86-375-2882-999
Email: lvjianhua@sinocoking.net
Website: http://www.cetcchina.net/
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SOURCE Hongli Clean Energy Technologies Corp.