Yulong Eco-Materials not in compliance with Nasdaq listing rule
Yulong Eco-Materials Limited announced that because the company is delinquent with the filing of its Form 10-Q for the fiscal quarter ended September 30, 2016, and because it remains delinquent in filing its Form 10-K for the fiscal year ended June 30, 2016, the company received a letter from NASDAQ that the company is not in compliance with Listing Rule 5250c1. This rule requires NASDAQ listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The letter specifies that, under NASDAQ rules, the company has until December 13, 2016 to submit a plan to regain compliance with respect to these delinquent reports. If the NASDAQ staff accepts such plan, it has discretion to grant up to 180 days, until April 11, 2017, for the company to regain compliance. However, there can be no assurance regarding the timing or ultimate outcome of this process or the ability of the company to successfully maintain its NASDAQ listing. The company is making this announcement in compliance with NASDAQ Listing Rule 5810b, which requires prompt disclosure of receipt of a noncompliance letter.