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SOURCE Lihua International, Inc.
DANYANG, China, June 23, 2014 /PRNewswire/ -- On June 17, 2014, Lihua International, Inc. (the "Company"), received a letter from The NASDAQ Stock Market LLC ("Nasdaq"), which stated that the Nasdaq Staff has determined to delist the Company's securities pursuant to its discretionary authority under Listing Rule 5101. The Nasdaq Staff cited a number of reasons for their decision, including: 1) public interest concerns associated with the allegations against the Company's former CEO and Chairman, Mr. Jian Hua Zhu, and the Company's operational and financial status since those allegations were made public; 2) alleged violations by the Company of Listing Rule 5250(b)(1), which sets forth a listed company's obligation to make prompt disclosure to the public through any Regulation FD compliant method (or combination of methods) of disclosure of any material information that would reasonably be expected to affect the value of its securities or influence investors' decisions; and 3) Listing Rule 5250(c)(1), which sets forth a listed company's obligation to timely file all required periodic financial reports with the Securities and Exchange Commission.
The Company has not yet made a determination as to whether it will appeal the Nasdaq Staff's decision to delist. The deadline to request such an appeal is June 24, 2014.
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.
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.
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