Puda Coal Received Notice from NYSE Amex of a Failure to Satisfy Certain Continued Listing Standards
On June 20, 2011, Puda Coal (NYSE: PUDA) received a notice from NYSE Amex LLC informing the Company that it failed to satisfy the Exchange's continued listing standards by not timely filing its Form 10-Q for the quarter ended March 31, 2011, specifically Sections 134 and 1101 of the NYSE Amex Company Guide (the "Company Guide") and the Company's listing agreement with the Exchange. In order to maintain its listing, the Company must submit a plan of compliance by July 5, 2011 to demonstrate its ability to regain compliance with the applicable continued listing standards by no later than September 20, 2011. In addition, the Exchange has requested that the Company provide a comprehensive update regarding the Audit Committee's investigation into certain previously-reported allegations regarding Mr. Ming Zhao, the Chairman and controlling stockholder of the Company.
If the plan is accepted, the Company will remain listed during the plan period, during which time it will be subject to periodic review to determine whether it is making progress consistent with the plan. According to the letter, if the Company does not submit a plan of compliance, or submit a plan that is not accepted, it will be subject to delisting proceedings. Furthermore, if the plan is accepted but the Company is not in compliance with the continued listing standards by September 20, 2011, or does not make progress consistent with the plan during the plan period, the Exchange staff will initiate delisting proceedings as appropriate. The Company may appeal a staff determination to initiate delisting proceedings.
The Company is currently considering its responses to the Exchange. Trading in the Company's stock has been halted by the Exchange since April 11, 2011.
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