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8-K - RINO International CORP | v204439_8k.htm |
RINO
INTERNATIONAL CORPORATION COMMON STOCK TO BE
DELISTED
BY NASDAQ STOCK MARKET
DALIAN,
China -- December 2, 2010 -- RINO International
Corporation (the “Company”)(Nasdaq: RINO) announced today that it has received a
letter from The NASDAQ Stock Market (“NASDAQ”) stating that based upon its
review of the Company and pursuant to NASDAQ Listing Rules 5101, 5250(a)(1) and
5250(c)(1), the staff of NASDAQ believes that the continued listing of the
Company’s securities on NASDAQ is no longer warranted (the “NASDAQ
Letter”). NASDAQ stated that its staff’s determination was based upon
the following:
1. The
Company’s announcement that its previously filed financial reports for fiscal
2008, 2009 and year-to-date 2010 could no longer be relied upon;
2. The
Company’s admission that it had not entered into certain previously disclosed
contracts; and
3. The
Company’s failure to respond to the NASDAQ staff’s request for additional
information regarding allegations raised by the Muddy Waters, LLC
report.
The
NASDAQ Letter stated that the statement by the Company’s independent auditors
that their audit reports for 2008 and 2009 can no longer be relied upon
constitutes a violation by the Company of NASDAQ Listing Rule 5250(c)(1). The
letter also states that the Company’s failure to respond to a letter from the
NASDAQ staff dated November 17, 2010 constitutes a violation of NASDAQ Listing
Rule 5250(a).
The
NASDAQ Letter further notified the Company that unless the Company requests an
appeal of the NASDAQ staff’s determination, trading of the Company’s common
stock will be suspended at the opening of business on December 8, 2010 and a
Form 25-NSE will be filed by NASDAQ with the SEC, which will remove the
Company’s securities from listing and registration on NASDAQ.
The
Company does not intend to appeal the NASDAQ staff’s determination to delist the
Company’s common stock. Pending the delisting of the Company’s common stock,
which is expected to occur on December 8, 2010, the suspension of trading in the
Company’s common stock, which commenced on November 17, 2010, remains in
effect.
The
Company currently intends to re-apply for a listing of its common stock on
NASDAQ at an appropriate time after the completion of an independent
investigation to be conducted by the Audit Committee of the Company’s Board of
Directors of the allegations contained in a research report issued by Muddy
Waters, LLC, the filing of restated financial statements of the Company for its
fiscal years ended December 31, 2008 and 2009 and for the quarterly periods
included in the Company’s Quarterly Reports on Form 10-Q for the periods ended
March 31, 2008 to September 30, 2010 and the Company’s satisfaction of all other
listing criteria.
Cautionary
Statement Regarding Forward-Looking Information
Certain
statement in this press release may contain forward-looking information about
the Company. Forward-looking statements are statements that are not historical
facts. These statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "will," "should," "project,"
"plan," "seek," "intend," or "anticipate" or the negative thereof or comparable
terminology, and statements which may include discussions of strategy, and
statements about industry trends future performance, operations and products of
each of the entities referred to above. Actual performance results may vary
significantly from expectations and projections as a result of various factors,
including without limitation and the risks set forth "Risk
Factors" contained in the Company's Annual Reports on Form 10-K, and
Quarterly Reports on Form 10-Q.
For more information, please contact:
For the Company:
Ben Wang
Tel: +86-411-8766-2700
E-mail: benwang@rinogroup.com