FUZHOU,
China, Dec. 27, 2022 /PRNewswire/ -- Pingtan
Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the
"Company"), a fishing company based in the People's Republic of China, today
announced that it has received a notification letter dated
December 21, 2022 (the "Notification
Letter") from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq"), indicating that based on the
actions from U.S. Department of Treasury's Office of Foreign Assets
Control ("OFAC"), the Nasdaq Staff ("the Staff") has determined
that the continued listing of the Company's securities are no
longer warranted pursuant to Listing Rule 5101. Absent a request
for appeal, the Company's common stock will be suspended at the
opening of business on December 30,
2022, and a Form 25-NSE will be filed with the Securities
and Exchange Commission, which will remove the Company's securities
from listing and registration on The Nasdaq Stock Market.
The Company plans to appeal the Nasdaq Staff's determination to
a Hearings Panel, pursuant to the procedures set forth in the
Nasdaq Listing Rule 5800 Series. The hearing request will stay
the delisting action of the Company's securities by Nasdaq pending
the Hearing Panel's final decision. There can be no assurance that
the Hearing Panel will grant the Company's request for continued
listing. Notwithstanding any request for a hearing, trading in the
Company's securities will be halted at the end of the trading day
(8pm ET) on March 8, 2023, such that trading will not be
available as of the first trading date after March 8, 2023, in accordance with the OFAC's
actions.The Company also intends to take appropriate measures to
protect the interests of the Company and its shareholders, and is
currently reviewing its options with
regard to the said OFAC
action.
About Pingtan
Pingtan is a fishing company primarily engaging in ocean fishing
through an operating subsidiary based in the PRC. Pingtan conducts
marine fishing operations in the international waters and the
approved waters in certain countries with owned or licensed
vessels.
Forward-Looking Statements
This press release contains "forward-looking statements'' within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
press release are forward-looking statements, including but not
limited to statements regarding the Company's expectations and
plans in connection with its ability to appeal the delisting
determination and address the said OFAC actions and to regain and
maintain compliance with the Nasdaq continued listing requirements.
Actual results and the timing of relevant events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties. These
forward-looking statements are based on the Company's current
expectations and involve known and unknown risks and uncertainties.
Investors can identify these forward-looking statements by words or
phrases such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to" or other similar expressions. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date hereof.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
ir@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.
