press release - Yongye International, Inc. Announces Common Stock Will Resume Trading on the NASDAQ Stock Market on June 17, 2013
BEIJING, June 17, 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"), announced today that its common stock will resume trading on the NASDAQ Stock Market on Monday, June 17, 2013 at 7:15 a.m. Eastern Time.
As previously disclosed, NASDAQ halted trading in Yongye's common stock on Monday, March 18, 2013 following Yongye's notification that the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the "Form 10-K") would be delayed given delays in compiling certain information related to accounts receivable and related allowance for doubtful accounts for the year ended December 31, 2012.
NASDAQ subsequently delivered several requests for information to Yongye relating to various aspects of its business and operations.
Since March 18, 2013, Yongye has been in regular contact with NASDAQ and has worked diligently to fully address all requests received. On Friday, June 14, 2013, Yongye was notified by NASDAQ that, following a detailed review and examination of the information provided by Yongye, NASDAQ has concluded its process and that trading of Yongye's common stock will resume on Monday, June 17, 2013 at 7:15 am Eastern Time.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, stated, "We are pleased to be able to put this issue behind us. We sincerely thank our shareholders for their patience during the recent months while we worked hard to provide what was needed to satisfy NASDAQ requirements and enable trading to resume. The management team looks forward to refocusing our full attention on executing our strategy to further grow the business and on working to maximize value for our shareholders."
It is also important to note, and as previously disclosed, that on April 1, 2013 the Company filed its Form 10-K with the Securities and Exchange Commission ("SEC") within the automatic 15 day extension period afforded by SEC rules and that it has always been in full compliance with its financial reporting requirements.
Update on Proposed Go Private Offer
The Company also announced that (i) Mr. Zishen Wu, the Company's Chairman and Chief Executive Officer, (ii) Full Alliance International Limited, (iii) MSPEA Agriculture Holding Limited, and (iv) Abax Global Capital (Hong Kong) Limited, on behalf of funds managed and/or advised by it and its nominee entities and its and their affiliates, have confirmed with the special committee ("Special Committee") of the board of directors of the Company that they remain interested in pursuing the proposed going private transaction described in the proposal letter delivered to the board of directors on October 15, 2012.
As a reminder, no decisions have been made by the Special Committee with respect to the Company's response to the proposed going private transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.
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