Lihua International Announces Receipt Of Nasdaq Notice
DANYANG, China, May 20, 2014 /PRNewswire/ -- On May 14, 2014, Lihua International, Inc. (the "Company") received a letter from the Staff of the Nasdaq Stock Market LLC ("Nasdaq"), which stated that, since the Company has not yet filed its Form 10-Q for the period ended March 31, 2014 (the "Filing"), it no longer complies with the requirement set forth in Nasdaq Rule 5250(c)(1), which requires a company to timely file all required periodic financial reports with the Securities and Exchange Commission.
In accordance with the letter, the Company must prepare and submit a plan of compliance. The Staff has elected to utilize its discretionary authority set forth in Listing Rule 5101 to shorten the time frame for submission of such plan to the Staff from 60 days to 7 days. If the plan is accepted, Nasdaq can grant an exception of up to 180 calendar days from the Filing's due date, or until November 10, 2014, to regain compliance. If the Staff does not accept the plan, the Company will have the opportunity to appeal that decision to a Hearings Panel.
The Board of Directors intends to submit a plan of compliance within the timeframe provided by the Staff.
About Lihua International, Inc.
Lihua, through its two wholly owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design and manufacture lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include CCA and refined copper products. Current product offerings include CCA and pure copper cable and wire, copper rod and copper anode. Except for CCA wire, all other products are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in a wide variety of industries including the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com.
Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.
Please note that information in this press release reflects management and Board views as of the date of issuance.
SOURCE Lihua International, Inc.