NASDAQ Hearings Panel Denies SmartHeat Appeal of NASDAQ Delisting Determination; SmartHeat Intends to Appeal to NASDAQ Listing and Hearing Review Council
NEW YORK, Nov. 9, 2012 /PRNewswire/ -- SmartHeat Inc., (NASDAQ: HEAT; website: www.smartheatinc.com) received notification from the NASDAQ Listing Qualifications Hearings Panel that it affirmed the determination made by the staff of the NASDAQ's Listing Qualifications Department to delist the company's shares of common stock from the NASDAQ Stock Market ("NASDAQ"). As a result, the company's shares of common stock, which were subject to a trading halt since May 30, 2012, have been suspended from the NASDAQ Stock Market effective at the open of business on Friday, November 9, 2012. The company anticipates that its shares of common stock will be eligible for quotation on the OTCQB.
On May 30, 2012, NASDAQ halted trading in shares of the company's common stock pending NASDAQ's request for additional information from the company with respect to the restructuring of our board and management and our entry into a secured revolving credit facility. We provided NASDAQ with additional information and clarification with respect to these matters, our business operations and financial condition, as requested.
On August 23, 2012, the company received a notice which stated that "the staff has determined to apply more stringent criteria," to the company and, accordingly, to delist the company's securities pursuant to the staff's broad discretionary authority under Listing Rule 5101. The staff in its letter stated that it has concerns "regarding the company's solvency, viability, operational structure and suitability for listing."
The company strongly disagrees with the delisting determination made by NASDAQ's staff and the panel. The company intends to file an appeal of the panel's determination with the NASDAQ Listing and Hearing Review Council. The appeal will not stay the suspension set for November 9, 2012.
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