Hongli Clean Energy regains compliance with Minimum Bid Price Rule
Hongli Clean Energy Technologies announced, as previously reported, on October 12 the Company received a Determination letter from The NASDAQ Stock Market notifying the Company of the Nasdaq Staff's determination that the Company's failure to timely file its annual report on Form 10-K for the fiscal year ended June 30 could serve as an additional basis for delisting from The Nasdaq Stock Market pursuant to Listing Rule 5250. In addition, on November 16 the Company received an additional deficiency notice for the late filing of its periodic report on Form 10-Q for the quarter ended September 30. Based on the foregoing, the Company requested a hearing before a Nasdaq Listing Qualifications Panel. Following the oral hearing before the Panel on November 17, 2016, on November 21 the Company received written notification that the Panel had determined that the Company has regained compliance with the Minimum Bid Price Rule and has granted the Company's request for continued listing pending the filing of its delinquent reports and any necessary restatements with the Securities and Exchange Commission through January 31, 2017. Notwithstanding the foregoing, there can be no assurance that the Company will regain compliance by January 31, 2017, or that the Panel will grant a further extension in the event the Company does not timely regain compliance.