FUZHOU, China, April 19, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a
fishing company based in the
People's Republic of China (PRC), today announced that
it received a notice (the "Notice") from the Listing Qualifications
Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating
that, because of Pingtan's delay in filing its Annual Report on
Form 10-K for the fiscal year ended December
31, 2020 (the "Form 10-K") with the U.S. Securities and
Exchange Commission (the "SEC"), Pingtan is not in compliance with
the timely filing requirement for continued listing under Nasdaq
Listing Rule 5250(c)(1). The Notice has no immediate effect on the
listing or trading of Pingtan's ordinary shares on the Nasdaq
Capital Market.
Pingtan filed a Notification of Late Filing on Form 12b-25 with
the SEC on April 1, 2021, indicating
that the filing of the Form 10-K would be delayed due to the
Company having had difficulty obtaining certain financial data and
as a result, the complete preparation and review of the Form 10-K
is taking longer than anticipated.
Nasdaq has informed the Company that it must submit a plan to
regain compliance (the "Plan") within 60 calendar days of receipt
of the Notice, or until June 14,
2021, addressing how Pingtan intends to regain compliance with
Nasdaq's listing rules. If Nasdaq accepts the Plan, it may grant an
extension of up to 180 calendar days from the Form 10-K filing due
date, or until October 12, 2021, to
regain compliance.
The Company's management is working diligently to complete the
Form 10-K and intends to file the Form 10-K with the SEC 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 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 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.