FUZHOU, China, Oct. 19, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a
fishing company based in the People's
Republic of China, announced today that it received a
determination notice letter dated October
13, 2021 (the "Determination Notice") from the Listing
Qualification Staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") notifying that the Company did not meet the terms of
exception granted by Staff.
As previously disclosed, the Company received notices on
April 15, 2021, May 25, 2021 and August
23, 2021 from the Staff notifying that the Company did not
comply with listing requirements set forth in Listing Rule
5250(c)(1) (the "Rule") because it had not filed its Form 10-K for
the period ended December 31, 2020 (the "Form 10-K"), and its Forms
10-Q for the periods ended March 31, 2021 and June 30, 2021 (the
"Forms 10-Q") with the Securities and Exchange Commission (the
"SEC"). As required by these notices, Pingtan submitted a plan and
supporting materials to Nasdaq outlining its plan to regain
compliance with respect to these delinquent reports and the Staff
granted the Company an exception until October 12, 2021 to regain
compliance with the Rule.
While the Company filed its Form 10-K on October 13, 2021, it was unable to file the Forms
10-Q with the SEC prior to October 12,
2021. As detailed in the Determination Notice, unless the
Company requests an appeal of this determination to a Hearings
Panel on or before October 20, 2021,
trading of the Company's ordinary shares will be suspended at the
opening of business on October 22,
2021 and a Form 25-NSE will be filed with the SEC, which
will remove the Company's securities from listing and registration
on the Nasdaq Capital Market.
The Company intends to submit a request for a hearing to appeal
the determination and a request for a stay of the suspension of the
Company's securities for up to 15 days from the date of request,
pending the hearing. Before the Hearings Panel notifies the Company
of its conclusion, the Determination Notice does not have an
immediate effect on the trading of the Company's securities.
The Company is currently working diligently to finalize and file
the Forms 10-Q.
About Pingtan
Pingtan is a fishing company that engages in ocean fishing
through its subsidiary, Fujian Provincial Pingtan County Ocean
Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain 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-Q for the quarters ended March 31,
2021 and June 30, 2021 and its
ability to regain compliance with 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. Risks include
anticipated growth and growth strategies; need for additional
capital and the availability of financing; delays in deploying
vessels; conducting fishing operations and locating or re-locating
vessels, in foreign waters and related license requirements;
actions taken by government regulators, such as the Indonesian
moratorium, or reports or allegations of illegal activity by us,
related parties or those with which we conduct business; our
ability to successfully manage relationships with customers,
distributors and other important relationships; technological
changes; competition; demand for our products and services;
operational, mechanical, climatic or other unanticipated issues;
the deterioration of general economic conditions, whether
internationally, nationally or in the local markets in which we
operate; the impact of the coronavirus (COVID-19) on the Company's
financial condition, business operations and liquidity; the impact
of COVID-19 on our customers and distributors global or national
health concerns, including the outbreak of pandemic or contagious
diseases such as the COVID-19 pandemic; legislative or regulatory
changes that may adversely affect our business and other risk
factors contained in Pingtan's SEC filings available at
www.sec.gov, 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 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.