SHENYANG, China, Sept. 6, 2011 -- A-Power Energy Generation Systems, Ltd. ("A-Power" or the "Company"), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that on September 1, 2011, it received a determination letter from the Staff of The Nasdaq Stock Market LLC ("Nasdaq").
The Nasdaq Staff indicated in its letter that the continued listing of the Company's securities on Nasdaq is no longer warranted based on certain circumstances surrounding the resignation of the Company's independent auditor, MSCM LLP ("MSCM"), on June 26, 2011, as well as the circumstances surrounding the Company's recent director resignations. The Staff's determination is based on the authority granted to Nasdaq under Listing Rule 5101.
In addition, the Staff determined that Company's failure to timely file with the SEC the Form 20-F for the year ended December 31, 2010 (the "Form 20-F"), as required by Listing Rule 5250(c), constitutes a separate basis for delisting.
Accordingly, unless the Company requests a hearing before a Nasdaq Listing Qualifications Panel by September 8, 2011, its securities would become subject to suspension followed by delisting. The Company's securities are presently in a trading halt.
The Company intends to timely request a hearing before the Panel, at which it will respond to the concerns raised by the Staff and request continued listing pending the filing of its Form 20-F. As part of the request to the Nasdaq Hearings Department, the Company will also request that any suspension of the Company's securities be stayed at least until the Panel renders its determination following the hearing. In the event that the Panel does not grant this request and the Company's securities are suspended in advance of the hearing, the Company's securities would become eligible for trading in the over-the-counter market. Notwithstanding, the hearing would go forward and the Panel would have the ability to terminate the suspension and reinstate trading on Nasdaq, if so inclined based on the information provided at the hearing. There can, however, be no assurance that the Panel will grant the Company's request for continued listing.
Source:marketwatch