Yunhong Green CTI Ltd. Receives Non-Compliance Notification from Nasdaq Related to its Inability to file its 10-Q for the Period Ended June 30, 2024
August 22 2024 - 10:00AM
Yunhong Green CTI Ltd. (Nasdaq: YHGJ) (“Yunhong Green CTI” or the
"Company"), a leading manufacturer of custom film products, foil
and latex novelty balloons, and flexible packaging products, today
announced its receipt of a August 19, 2024 notice from The Nasdaq
Capital Market indicating the Company’s non-compliance with Listing
Standard 5250(c)(1), as the Company has not filed its 10-Q for the
period ended June 30, 2024 as required.
As previously reported, BF Borgers CPA PC (BFB)
was engaged as the Company’s independent registered public
accounting firm until The Audit Committee selected Wolf &
Company, PC as the Company’s independent registered public
accounting firm as of April 1, 2024. On May 3, 2024, the Company
became aware that BFB had agreed to be suspended from appearing or
practicing before the SEC. Because of this, the Company may no
longer use audit reports or consent from BFB in future filings.
Without the 2023 audit report, the Company’s new auditors will need
to perform procedures related to 2023 balances in order to be able
to perform an effective review of required 2024 filings, including
the Form 10-Q for the periods ended March 31, 2024 and June 30,
2024. The Company is working with its new audit firm to perform
this work. Until this is completed, the Company will not be able to
issue filings during 2024.
The Company previously submitted its plan to
regain compliance no later than September 27, 2024, which the
Nasdaq accepted.
The Company must update its plan to regain
compliance to Nasdaq no later than September 3, 2024, at which time
the Nasdaq may grant an exception no later than November 11, 2024.
If the Nasdaq does not accept the Company’s plan to regain
compliance, the Company may appeal that decision to Hearings Panel.
The Company intends to submit its updated plan to regain compliance
prior to the deadline.
About Yunhong Green CTI
Ltd.
Yunhong Green CTI Ltd. is one of the leading
manufacturers and marketers of foil balloons and produces laminated
and printed films for commercial uses. Yunhong Green CTI also
distributes balloon-inspired gift items and markets its products
throughout the United States and in several other countries. For
more information about our business, visit our corporate website
at www.ctiindustries.com.
Company
Contact:info@ctiindustries.com+
1-847-382-1000
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