PEKING (dpa-AFX) - Automotive products company Wonder Auto Technology Inc. (WATG) said Friday it has received notice that its appeal hearing with respect to Nasdaq's earlier stated decision to delist the company's common stock from trading on Nasdaq has been set for October 6, 2011.
Last month, the company received a letter from Nasdaq stating that based on the review of public documents and information provided by the company, it has determined that the continued listing of the company's securities on Nasdaq is no longer warranted.
Following the receipt of that letter, the company requested an oral hearing before the Panel to appeal the determination.
In addition, Nasdaq has notified the company that the trading halt on the company's securities will be lifted as of the opening of the market on September 12, however, trading of the common stock of the company will remain suspended on Nasdaq pending the results of the delisting hearing.
As a result of the lifting of the trading halt, the company's common stock will become eligible to be traded on the over-the-counter bulletin board commencing September 12, 2011.
The company said its Audit Committee is still conducting investigation into certain alleged related-party transactions and other matters as well as whether the company's financial statements have been manipulated by former senior corporate officers.
The company intends to seek relief from the Nasdaq delisting determination and a further extension of time to file its delinquent reports.
Copyright RTT News/dpa-AFX
© 2011 AFX News
