Pingtan Marine Enterprise Announces Receipt Of Nasdaq Notification Letter; The Continued Listing Of The Company's Securities Are No Longer Warranted Pursuant To Listing Rule 5101, Absent A Request For Appeal, Stock To Be Suspended December 30
Pingtan Marine Enterprise Ltd. (NASDAQ:PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced that it has received a notification letter dated December 21, 2022 (the "Notification Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that based on the actions from U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC"), the Nasdaq Staff ("the Staff") has determined that the continued listing of the Company's securities are no longer warranted pursuant to Listing Rule 5101. Absent a request for appeal, the Company's common stock will be suspended at the opening of business on December 30, 2022, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.
The Company plans to appeal the Nasdaq Staff's determination to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The hearing request will stay the delisting action of the Company's securities by Nasdaq pending the Hearing Panel's final decision. There can be no assurance that the Hearing Panel will grant the Company's request for continued listing. Notwithstanding any request for a hearing, trading in the Company's securities will be halted at the end of the trading day (8pm ET) on March 8, 2023, such that trading will not be available as of the first trading date after March 8, 2023, in accordance with the OFAC's actions.The Company also intends to take appropriate measures to protect the interests of the Company and its shareholders, and is currently reviewing its options with regard to the said OFAC action.