A-Power Energy Generation Systems Ltd., a manufacturer of wind turbines, announced that it has been advised by NASDAQ that the current trading halt for its common shares has been converted to a suspension.
As a result, the company expects that its common shares will become eligible for quotes and trading in the OTC Pink Limited Information tier of OTC Markets Group Inc. Â
A-Power received a determination letter earlier this year from NASDAQ staff in which the company was advised that continued listing of the company's securities on NASDAQ was no longer warranted based on certain circumstances surrounding the resignation of the company's independent auditor, MSCM LLP.Â
NASDAQ's determination is based on the authority granted to it under Listing Rule 5101. In addition, NASDAQ determined that the company's failure to file the Form 20-F with the Securities and Exchange Commission in a timely manner for the year ended Dec. 31, 2010, as required by Listing Rule 5250(c), constitutes a separate basis for delisting.Â
The company has appealed the staff's determination to a NASDAQ Listing Qualifications Panel. The company had requested that its shares remain halted pending the conclusion of the hearing with the panel. However, NASDAQ elected not to grant the company's request.Â
Notwithstanding, NASDAQ has advised the A-Power that the suspension may be reversed in the event that the NASDAQ Listing Qualifications Panel determines to grant the company's request for continued listing following the hearing. The hearing is scheduled for Oct. 6.
