Hongli Clean Energy Technologies Corp. Announces Receipt of Delinquency Letter from NASDAQ Relating to December 31, 2016 Form 10-Q
Hongli Clean Energy Technologies Corp., a vertically integrated producer of clean energy products located in Henan Province, China, recently announced that it has received a letter from The NASDAQ Stock Market (“NASDAQ”) notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2016 in a timely manner with the Securities and Exchange Commission (the “SEC”). NASDAQ Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC. This delinquency serves as an additional basis for delisting the Company’s securities from the Nasdaq Stock Market.
As previously reported, the Company informed the Nasdaq Listing Qualification Panel (the “Panel”) that its auditor had notified the Company on January 26, 2017 that it would need additional time to complete the audit for the fiscal year ended June 30, 2016. The Panel has granted the Company’s request for extension of the exception period to complete its audit and filing of its delinquent reports and any necessary restatements with the Securities and Exchange Commission prior to March 31, 2017.