FUZHOU, China, Aug. 26, 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 August 23, 2021, indicating that, since the Company
remains delinquent in filing its Annual Report on Form 10-K for the
fiscal year ended December 31, 2020
(the "Form 10-K") and its Quarterly Report on Form 10-Q for the
period ended March 31, 2021 (the "Q1
Form 10-Q"), and the delay in the filing of its Quarterly Report on
Form 10-Q for the period ended June 30,
2021 (the "Q2 Form 10-Q"), the Company is not in compliance
with the timely filing requirement for continued listing under
Nasdaq Listing Rule 5250(c)(1) (the "Rule"). The Rule requires
listed companies to timely file all required periodic financial
reports with the U.S. 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
filing its Form 10-K and a notice from the Staff on May 25, 2021 regarding its non-compliance with
the Rule following the Company's delay in filing its Q1 Form 10-Q.
As required by these notices, Pingtan submitted a plan to Nasdaq on
June 14, 2021 outlining its plan to
regain compliance with respect to these delinquent reports. The
Company continues to engage in discussions with Nasdaq regarding
its plan to regain compliance.
On August 16, 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 Q1
Form 10-Q and the appointment of new independent public accounting
firm effective as of May 31, 2021,
the Company was unable to file the Q2 Form 10-Q within the
prescribed time period without unreasonable effort or
expense and that it anticipated filing the Form 10-K, Q1 Form
10-Q and Q2 Form 10-Q on or before October
12, 2021.
The Company will continue to work diligently to complete and
file the delinquent reports 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 quarters ended March 31, 2021 and June
30, 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.