SEATTLE, April 8, 2014 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: LLEN) ("L&L" or the "Company"), a U.S.-based company with energy (coal) operations in China, today announced that it has notified the NASDAQ Stock Market, LLC ("NASDAQ") of its intention to voluntarily delist its common stock ("LLEN") from the NASDAQ.
On November 18, 2013, NASDAQ placed a T-12 trading halt on L&L's common stock. On March 27, 2014, the Department of Justice and the Securities Exchange Commission announced charges against Mr. Dickson Lee, L&L's former Chairman and CEO. Mr. Lee pleaded not guilty to all charges. Counsel for Mr. Lee commented, "We deny these allegations completely. These charges stem from very old claims that occurred in 2008 and early 2009. At that time, this was a very small company that was just starting to experience substantial growth." Due to the pending charges, Mr. Lee has resigned from his positions as L&L's Chairman and CEO, effective April 1, 2014.
The Company's Board of Directors has voted to submit an advanced notification to NASDAQ of the Company's decision to voluntarily delist its common stock from the NASDAQ. The Company intends to file a Form 25 with the Securities and Exchange Commission ("SEC") on or about April 18, 2014 to effect the voluntary delisting of its common stock from NASDAQ. The official delisting of the Company's common stock will become effective approximately ten days thereafter. The Company anticipates that the Company's common stock will trade on the OTC Markets, although there can be no assurances that any trading market for the Company's common stock will exist, and the liquidity of such trading market may be limited.
The Company will continue to file periodic reports with the SEC pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended.
Independent Directors, Mr. Jingcai Yang and Dr. Syd Peng, along with members of the Company's Executive Management team, will visit multiple L&L offices in China this coming week to meet with joint venture partners and staff to discuss both the short term and long term transition of the CEO position and future strategic plans. The Board will continue to update the Company's shareholders as more material information becomes available.
For further information, please contact:
L&L Energy, Inc.
+1 (206) 264-8065
SOURCE L & L Energy, Inc.