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AUTC $9.92 52 weeks low level volume 276 k

AutoChina International Limited Announces Receipt of Letter From the Listing Qualifications Department of Nasdaq
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Press Release Source: AutoChina International Limited On Monday September 12, 2011, 5:10 pm EDT

SHIJIAZHUANG, Hebei Province, China--(BUSINESS WIRE)-- AutoChina International Limited (“AutoChina” or the “Company”) (NASDAQ:AUTC - News), China’s largest commercial vehicle sales, servicing, leasing, and support network, today announced that on September 8, 2011, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”) stating that based on the review of public documents and a plan of compliance provided by the Company, Nasdaq’s staff (the “Staff”) determined that providing the Company until December 31, 2011 to file its Annual Report on Form 20-F for the period ended December 31, 2010 was not warranted and that the Company’s securities would be delisted from Nasdaq on September 19, 2011 unless the Company appealed the determination. AutoChina intends to appeal the staff determination regarding the delisting of the Company’s securities.

Nasdaq cited the Company’s failure to file its periodic reports on a timely basis, including its Annual Report on Form 20-F for the year ended December 31, 2010, as required by Nasdaq Listing Rule 5250(c)(1), and the continued investigation by the SEC as the reason for its determination. The Company’s securities are expected to be suspended from trading 15 days after the Company appeals the delisting of the Company’s securities.

The Company is working closely with its advisors to seek all approACHES..