AutoChina International Limited Announces Receipt of Letter From the Listing Qualifications Department of Nasdaq
12 Settembre 2011 - 11:10PM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC), China’s largest commercial vehicle sales,
servicing, leasing, and support network, today announced that on
September 8, 2011, the Company received a letter from the Listing
Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”)
stating that based on the review of public documents and a plan of
compliance provided by the Company, Nasdaq’s staff (the “Staff”)
determined that providing the Company until December 31, 2011 to
file its Annual Report on Form 20-F for the period ended December
31, 2010 was not warranted and that the Company’s securities would
be delisted from Nasdaq on September 19, 2011 unless the Company
appealed the determination. AutoChina intends to appeal the staff
determination regarding the delisting of the Company’s
securities.
Nasdaq cited the Company’s failure to file its periodic reports
on a timely basis, including its Annual Report on Form 20-F for the
year ended December 31, 2010, as required by Nasdaq Listing Rule
5250(c)(1), and the continued investigation by the SEC as the
reason for its determination. The Company’s securities are expected
to be suspended from trading 15 days after the Company appeals the
delisting of the Company’s securities.
The Company is working closely with its advisors to seek all
appropriate means to expedite the process of filing its Form
20-F.
The Company’s Chairman and CEO, Mr. Yong Hui Li stated, “As
announced on June 30, 2011, AutoChina is appealing the OCA’s
decision that the Earn-out Provision, which was part of its initial
business combination in 2009, be treated as a derivative financial
instrument. The appeals process has not yet concluded. We continue
to work closely with all appropriate parties on this potential
restatement, which focuses on the Earn-out and is not expected to
negatively affect the accounting for AutoChina’s continuing
operations. We will appeal Nasdaq’s decision, citing that there
have been no findings of fraudulent activity on behalf of AutoChina
or its officers and we have remained open and accessible through
all aspects of this process. We will keep our existing
shareholders, analysts, and potential investors apprised of our
progress in filing our Form 20-F.”
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial
vehicle sales, servicing, leasing, and support network. AutoChina’s
operating subsidiary was founded in 2005 by nationally recognized
Chairman and CEO, Yong Hui Li. The Company owns and operates 354
commercial vehicle financing and service centers across China; and
primarily provides sales-type leasing and support services for
local customers. The Company’s website is
http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about the Company. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based
upon the current beliefs and expectations of the Company's
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking
statements:
- Continued compliance with government
regulations;
- Changing legislation or regulatory
environments;
- Requirements or changes affecting the
businesses in which the Company is engaged;
- Industry trends, including factors
affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the Company's
revenue and profitability;
- Changes in the commercial vehicle
industry;
- The Company’s ability to effectively
manage its growth, including implementing effective controls and
procedures and attracting and retaining key management and
personnel;
- Changing interpretations of generally
accepted accounting principles;
- General economic conditions; and
- Other relevant risks detailed in the
Company’s filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such
risks. The Company does not assume any obligation to update the
information contained in this press release.
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