In an 8k (get it here) filed yesterday, the 21st of November, Advanced Battery Technologies (ABAT), formerly a shell known as Buy It Cheap.com (BYCC), and now a sleazy Chinese reverse merger company run out of an office in New York City, revealed that not only did the NASDAQ request bank confirmations of the cash supposedly on the balance sheet, but that the company refused to provide the documentation.
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 stockfrom listing on the NASDAQ Stock Market.
The sons of ABAT, namely CHDA and CLTT, both managed to file their 10Qs, albeit late, yesterday and this morning. Catch up on the ABAT saga here, and let the delisting countdown begin….