Yongye International Provides Update to Shareholders on Trading
BEIJING, March 20, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG) ("Yongye" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today affirmed that NASDAQ halted trading in the Company's common stock at approximately 9:28 AM ET on Monday, March 18, 2013. On Friday, March 15, 2013, the Company filed a notification of late filing on Form 12b-25 with the Securities and Exchange Commission arising from delays in compiling certain information required relating to accounts receivable and related allowance for doubtful accounts for the year ended December 31, 2012.
On Tuesday, March 19, 2013, Yongye received a written request fromNASDAQfor additional information relating to the Company's delay in filing the Form 10-K, the collection of accounts receivable as of year-end 2012, the current state of the Company's auditors' audit of the financial statements to be included in the Company's Form 10-K for the year ended December 31, 2012, and the status of the Company's proposed "going private" transaction. The Company plans to provide the information requested by NASDAQ as promptly as practicable in an effort to satisfy NASDAQ's concerns so that it may permit the resumption of trading of the Company's common stock.
Trading will remain halted until Yongye International, Inc. has fully satisfied NASDAQ's request for additional information. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information.
As a reminder, the Company expects to file its Annual Report on Form 10-K by April 2, 2013 and plans to schedule its fourth quarter and full-year 2012 earnings conference call to coincide with the filing of its 10-K. Details regarding the earnings announcement and earnings conference call will be provided at the appropriate time.
