NEW YORK, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), (WWW.zqpt.com/en/) today announced that the Company received notice on November 21, from The NASDAQ Stock Market LLC that the Company has failed to satisfy the following NASDAQ Listing Rules:
- Listing Rule 5250(a). The notice states that the Company failed to provide information requested by NASDAQ, specifically cash confirmations from the banks holding the Company's funds prepared in the presence of personnel employed by the Company's independent audit firm.
- Listing Rule 5250(c)(1). The notice states that the Company failed to file its Quarterly Report on Form 10-Q for the period ended September 30, 2011.
In addition, the notice states that the Staff of The NASDAQ Stock Market LLC has determined to exercise its discretionary authority under Listing Rule 5101 to delist the Company's common stock based upon public interest concerns raised by the Company's deliberate refusal to provide the requested bank confirmations.
The notice states that, unless the Company files an appeal of the Staff's determination, trading in the Company's common stock will be suspended at the opening of business on November 30, 2011 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the common stock from listing on the NASDAQ Stock Market.
The Company has not yet determined the action it will take in response to the notice from The NASDAQ Stock Market.
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric vehicles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle manufacturer, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a New York office, with its executive offices and manufacturing facilities in China.