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….
I wonder if you can track China Sun Group (CSGH), one of ABAT’s alleged suppliers.
At first glance CSGH looks like just another piece of Chinese reverse merger trash. It is likely just another scam. Perhaps CSGH CEO Fu and ABAT CEO Fu are related, but I am sure Fu is a common name in China. Will take a closer look if time permits. Thanks Roberto for bringing it to our attention – Editor
CSGH claims the figures matches with SAIC’s filings (one of the things people check):
>>Management also follows the governmental compliance to file the China State Administration for Industry and Commerce (“SAIC”) report on an annual basis, for the Company’s subsidiaries in the PRC. Management has ensured the completeness and consistency of these reports, which is determined as the underlying basis for the preparation of financial statements for U.S. GAAP financial reporting purpose.
Extract from 2010 SAIC report of its subsidiary namely Dalian Xinyang High-Tech Development Co., Ltd, the below figures are summarized:
Fiscal year ended December 31, 2010:
Gross income RMB318.44 million approximately Net profit RMB70.98 million approximately
As of December 31, 2010:
Cash and cash equivalents RMB160.20 million approximately <>The Company maintains cash balances at one financial institution in the PRC, which are insured by China Citic Bank. The Company has cash concentration risk of $22,684,648 as of August 31, 2011. <<
Here's China CITIC Bank link:
Then again, ABAT says it has over 100M cash, doesn't it?
I hope there's a push for cash confirmations for ALL stocks regardless of origin.