Asia/Pacific News
Chinese Bunker Firm Could Lose Nasdaq Listing
Andatee China Marine Fuel Services Corporation (Andatee) [NASDAQ:AMCF] could lose its listing on the Nasdaq Stock Market after it failed to meet two listing requirements, according to a company regulatory filing.
The company's stock has closed below the $1 per share minimum required for continued listing on the exchange for 30 consecutive business days, and the company has failed to maintain at least $5 million in the market value of publicly held shares (MVPHS), which is another Nasdaq requirement.
The company's stock price has fallen steadily from more than $3 per share early this year to around $0.60 per share today.
For the third quarter of 2012, Andatee's revenues fell 52 percent year-over-year in a weak Chinese economy, and it swung to a net loss of $3 million, compared with a profit of $2.3 million in Q3 2011.
After been granted a 180 day grace period, the company now has until June 10, 2013 to regain compliance with both Nasdaq requirements, which would mean having its stock close with a price of at least $1 per share for 10 consecutive days, and having its MVPHS close at $5 million or more for 10 consecutive days, at some point within that period.
