TAIYUAN, China, Aug. 28, 2013 /PRNewswire/ -- Asia Carbon Industries, Inc. (OTCBB: ACRB) (the "Company") today announced that the Company's Board of Directors has authorized the filing, on or around September 6, 2013, of a Certification and Notice of Termination of Registration Under Section 12(g) of the Securities Exchange Act of 1934 or Suspension of Duty to File Reports under Sections 13 and 15(d) of the Exchange Act on Form 15 ("Form 15") with the United States Securities and Exchange Commission (the "SEC") to voluntarily suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Company's SEC reporting obligations, including the obligations to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, will be immediately suspended upon the filing of the Form 15, unless the SEC denies the effectiveness of Form 15, in which case the Company is required to file all the reports within 60 days of such denial.
One of the reasons that the Company is eligible to suspend its reporting obligations is because it has fewer than 300 record holders of its common stock as of the date hereof and it anticipates maintaining such eligibility until the filing of the Form 15.
The Company expects that as a result of the filing of the Form 15 its common stock will be removed from trading on the OTCQB Marketplace. Shares may begin trading on the OTCPink Marketplace, but there can be no assurance that there will be a market for the Company's securities, and the liquidity of such trading market may be very limited.
This press release includes forward-looking statements. Generally, the words "believes," "anticipates," "may," "will," "should," "expect," "intend," "estimate," "continue," and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the SEC from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.
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Asia Carbon Industries, Inc.
SOURCE Asia Carbon Industries, Inc.