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Stock Market & Financial Investment News

News Breaks
May 20, 2014
10:29 EDTLIWALihua announces receipt of Nasdaq notice
On May 14, Lihua International received a letter from the Staff of the Nasdaq Stock Market LLC, which stated that, since the company has not yet filed its Form 10-Q for the period ended March 31, it no longer complies with the requirement set forth in Nasdaq Rule 5250(c)(1), which requires a company to timely file all required periodic financial reports with the Securities and Exchange Commission. In accordance with the letter, the company must prepare and submit a plan of compliance. The Staff has elected to utilize its discretionary authority set forth in Listing Rule 5101 to shorten the time frame for submission of such plan to the Staff from 60 days to 7 days. If the plan is accepted, Nasdaq can grant an exception of up to 180 calendar days from the Filing's due date, or until November 10 to regain compliance. If the Staff does not accept the plan, the company will have the opportunity to appeal that decision to a Hearings Panel. The Board of Directors intends to submit a plan of compliance within the timeframe provided by the Staff.
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