PINGDINGSHAN, China,
April 5, 2017 /PRNewswire/
-- Yulong Eco-Materials Ltd. (NASDAQ: YECO) ("Yulong" or the
"Company"), a vertically integrated manufacturer of eco-friendly
building products located in Henan
Province, today announced that on March 31,
2017, the Company received a determination letter (the
"Letter") from the NASDAQ Stock Market LLC (the "NASDAQ") notifying
the Company of the NASDAQ Staff's determination (the
"Determination") to delist the Company's securities from The NASDAQ
Capital Market due to its failure to regain compliance with Listing
Rule 5250(c)(1) (the "Rule") because it had not filed its Annual
Report on Form 10-K for the period ended June 30, and Quarterly
Reports on Forms 10-Q for the periods ended September 30, and
December 31, 2016, respectively (the "Delinquent Reports").
Pursuant to the Letter, unless the Company requests an appeal of
the Determination by 4:00 Eastern Time on April 7, 2017, trading of
the Company's common stock will be suspended at the opening of
business on April 11, 2017, and a Form 25-NSE will be filed with
the Securities and Exchange Commission (the "SEC"), causing the
Company's securities to be removed from listing and registration on
The NASDAQ Stock Market.
On October 14 and November 22, 2016, the Company received two
notification letters (the "Notice") from NASDAQ advising the
Company that it did not comply with the "Rule" because it had not
filed its Annual Report on Form 10-K for the period ended
June 30, and Quarterly Reports on
Forms 10-Q for the periods ended September
30, and December 31, 2016,
respectively. The Company was provided an exception until
April 12, 2017, to regain compliance
with the Rule. On March 24, 2017, the
Company advised that it would be unable to regain compliance with
the Rule by April 12, 2017. As of the
date of this press release, the Company has not regained compliance
with the Rule though it is in the process of preparing its annual
report.
The Company intends to evaluate available options to resolve the
deficiency and regain compliance with the Rule. The Company
currently intends to request a hearing before a Hearings Panel (the
"Panel"). Such a request will stay the suspension of the Company's
securities and the filing of the Form 25-NSE pending the Panel's
decision. At the hearing, the Company intends to present a plan to
regain compliance with the Rule and request that the Panel allow
the Company additional time within which to regain compliance.
While the Company believes that it will be able to present a viable
plan to regain compliance, there can be no assurance that the Panel
will grant the Company's request for a suspension of delisting or
continued listing on NASDAQ.
About Yulong Eco-Materials Ltd.
Yulong Eco-Materials Ltd. ("Yulong" or the "Company") is
incorporated in Cayman Island and is located in Pingdingshan City,
Henan Province, China. Yulong is the leading producer of
eco-friendly fly-ash bricks and concrete in Pingdingshan. The
Company has a market share of 51% in the brick market and 30% in
the concrete market in Pingdingshan in both fiscal year 2014 and
2013. The Company currently owns its assets and conducts its
operations through its subsidiary, Zhengzhou Xing De Enterprise
Management & Consulting Co., Ltd.
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:
Yulong Zhu, CEO
Email: yulongeco@163.com
Website: http://www.yulongecomaterials.com
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SOURCE Yulong Eco-Materials Ltd.