A-Power Energy Generation Systems Ltd., a provider of distributed power generation systems in China and a manufacturer of wind turbines, says it has received a notice of noncompliance from NASDAQ Stock Market LLC.
A-Power's continued listing of its securities on NASDAQ is no longer warranted, based on certain circumstances surrounding the resignation of the company's independent auditor – MSCM LLP – on June 26, as well as the circumstances surrounding A-Power's recent director resignations, according to A-Power.
In addition, NASDAQ has determined that the company's failure to file Form 20-F with the Securities and Exchange Commission in a timely manner, as required by Listing Rule 5250(c), constitutes a separate basis for delisting.
Accordingly, unless A-Power requests a hearing before a NASDAQ Listing Qualifications Panel by Sept. 8, its securities will become subject to suspension, followed by delisting. The company's securities are presently in a trading halt.
A-Power says it intends to request a hearing before the panel, at which time the company will respond to the concerns raised by NASDAQ and request continued listing pending the filing of its Form 20-F.
