FUZHOU, China, May 28, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a
fishing company based in the People's
Republic of China, announced that it has received an
additional delinquency notification letter from the Listing
Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") on May 25, 2021, due to
the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1)
(the "Rule") as a result of the Company's failure to file its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2021
(the "Q1 Form 10-Q") with the Securities and Exchange Commission
(the "SEC").
As previously disclosed, the Company received a notice from the
Staff on April 15, 2021 regarding its
non-compliance with the Rule following the Company's delay in the
filing of its Annual Report on Form 10-K for the fiscal year ended
December 31, 2020 (the "Form 10-K").
As per these notices, Pingtan shall submit a plan to Nasdaq on or
before June 14, 2021 to regain
compliance with respect to these delinquent reports.
On May 18, 2021, Pingtan filed a
Notification of Late Filing on Form 12b-25 with the SEC, disclosing
that, given the delay in filing the Form 10-K, the Company was
unable to file the Q1 Form 10-Q within the prescribed time period
without unreasonable effort or expense and that it did not
anticipate filing the Q1 Form 10-Q on or before May 24, 2021, the extended period provided for
the filing under Rule 12b-25(b) of
the Securities Exchange Act of 1934, as amended.
The Company will continue to work diligently to complete and
file the Form 10-K and the Q1 Form 10-Q as soon as practicable.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through
its subsidiary, Fujian Provincial Pingtan County Ocean Fishing
Group Co., Ltd., or Pingtan Fishing.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended, which may
include statements regarding the Company's ability to file its Form
10-K for the year ended December 31,
2020 or Form 10-Q for the quarter ended March 31, 2021 within the extension period and
meet the continued listing requirements of Nasdaq. Words such as
"estimate," "project," "forecast," "plan," "believe," "may,"
"expect," "anticipate," "intend," "planned," "potential," "can,"
"expectation" and similar expressions, or the negative of those
expressions, may identify forward-looking statements. Although
forward-looking statements reflect the good faith judgment of our
management, such statements can only be based on facts and factors
currently known by us. Consequently, forward-looking statements are
inherently subject to risks and uncertainties and actual results
and outcomes may differ materially from the results and outcomes
discussed in or anticipated by the forward-looking statements,
including general economic and market conditions and other risk
factors contained in Pingtan's SEC filings available at
www.sec.gov, including Pingtan's most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date on which they are made. Pingtan
undertakes no obligation to update or revise any forward-looking
statements for any reason, except as required by law.
CONTACT:
LiMing Yung
(Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.