BAIYU Holdings Files Nasdaq Delisting Appeal Notice and Advances Recently Announced Projects
BAIYU Holdings (Nasdaq: BYU) has filed an appeal against Nasdaq's decision to delist its securities. The delisting decision was based on concerns about recent disclosures regarding a contract for electric lithium batteries and a letter of intent for EV charging stations in Cairo. BAIYU argues that Nasdaq did not fully consider all relevant facts.
The company is advancing two recently announced projects: a contract for electric lithium batteries with a U.S.-based auto parts supplier and a letter of intent for EV charging stations in Cairo, Egypt. These projects align with BAIYU's expansion into clean energy initiatives.
CEO Renmei Ouyang stated that the company is committed to pursuing its business strategy and maximizing shareholder value. BAIYU's stock will remain listed on Nasdaq pending the appeal outcome, but there is no guarantee of continued listing.
BAIYU Holdings (Nasdaq: BYU) ha presentato un ricorso contro la decisione di Nasdaq di escludere i suoi titoli. La decisione di esclusione è stata presa a causa di preoccupazioni relative a recenti divulgazioni riguardanti un contratto per batterie di litio elettriche e una lettera di intenti per stazioni di ricarica per veicoli elettrici al Cairo. BAIYU sostiene che Nasdaq non ha preso pienamente in considerazione tutti i fatti rilevanti.
La società sta portando avanti due progetti recentemente annunciati: un contratto per batterie di litio elettriche con un fornitore di parti di auto statunitense e una lettera di intenti per stazioni di ricarica per veicoli elettrici al Cairo, Egitto. Questi progetti sono in linea con l'espansione di BAIYU nelle iniziative di energia pulita.
Il CEO Renmei Ouyang ha dichiarato che l'azienda è impegnata a perseguire la propria strategia aziendale e a massimizzare il valore per gli azionisti. Le azioni di BAIYU rimarranno quotate su Nasdaq in attesa dell'esito dell'appello, ma non c'è garanzia di una continuazione della quotazione.
BAIYU Holdings (Nasdaq: BYU) ha presentado un recurso contra la decisión de Nasdaq de deslistar sus valores. La decisión de deslistado se basó en preocupaciones sobre divulgaciones recientes relacionadas con un contrato para baterías de litio eléctricas y una carta de intenciones para estaciones de carga de vehículos eléctricos en El Cairo. BAIYU argumenta que Nasdaq no consideró plenamente todos los hechos relevantes.
La empresa avanza en dos proyectos recientemente anunciados: un contrato para baterías de litio eléctricas con un proveedor de autopartes basado en EE. UU. y una carta de intenciones para estaciones de carga de vehículos eléctricos en El Cairo, Egipto. Estos proyectos están alineados con la expansión de BAIYU en iniciativas de energía limpia.
El CEO Renmei Ouyang declaró que la empresa está comprometida a seguir su estrategia empresarial y maximizar el valor para los accionistas. Las acciones de BAIYU seguirán cotizando en Nasdaq mientras se espera el resultado de la apelación, pero no hay garantía de que la cotización continúe.
BAIYU Holdings (Nasdaq: BYU)는 나스닥의 증권 상장 폐지 결정에 대해 항소를 제기했습니다. 상장 폐지 결정은 전기 리튬 배터리에 대한 계약과 카이로의 전기차 충전소에 대한 의향서와 관련된 최근 공시 사항에 대한 우려를 바탕으로 했습니다. BAIYU는 나스닥이 모든 관련 사실을 충분히 고려하지 않았다고 주장하고 있습니다.
회사는 최근 발표된 두 가지 프로젝트를 진행 중입니다: 미국의 자동차 부품 공급업체와의 전기 리튬 배터리 계약과 이집트 카이로의 전기차 충전소에 대한 의향서. 이러한 프로젝트는 BAIYU가 청정 에너지 이니셔티브로 확장하는 것과 일치합니다.
렌메이 오양 CEO는 회사가 비즈니스 전략을 추구하고 주주 가치를 극대화하는 데 전념하고 있다고 밝혔습니다. BAIYU의 주식은 항소 결과가 나올 때까지 나스닥에 계속 상장될 예정이나, 상장 지속에 대한 보장은 없습니다.
BAIYU Holdings (Nasdaq: BYU) a déposé un appel contre la décision de Nasdaq de radier ses valeurs mobilières. La décision de radiation était fondée sur des préoccupations concernant des divulgations récentes concernant un contrat pour des batteries au lithium électriques et une lettre d'intention pour des stations de recharge de véhicules électriques au Caire. BAIYU soutient que Nasdaq n'a pas pleinement pris en compte tous les faits pertinents.
L'entreprise avance deux projets récemment annoncés : un contrat pour des batteries au lithium électriques avec un fournisseur de pièces automobiles basé aux États-Unis et une lettre d'intention pour des stations de recharge de véhicules électriques au Caire, Égypte. Ces projets s'inscrivent dans l'expansion de BAIYU vers des initiatives d'énergie propre.
Le PDG Renmei Ouyang a déclaré que l'entreprise s'engage à poursuivre sa stratégie commerciale et à maximiser la valeur pour les actionnaires. Les actions de BAIYU resteront cotées sur Nasdaq en attendant l'issue de l'appel, mais il n'y a aucune garantie de maintien de la cotation.
BAIYU Holdings (Nasdaq: BYU) hat Berufung gegen die Entscheidung von Nasdaq eingelegt, ihre Wertpapiere von der Börse zu nehmen. Die Entscheidung zur Abmeldung beruhte auf Bedenken hinsichtlich der letzten Offenlegungen zu einem Vertrag über elektrische Lithiumbatterien und einem Absichtsschreiben für EV-Ladestationen in Kairo. BAIYU argumentiert, dass Nasdaq nicht alle relevanten Fakten vollständig berücksichtigt hat.
Das Unternehmen arbeitet an zwei vor kurzem angekündigten Projekten: ein Vertrag über elektrische Lithiumbatterien mit einem in den USA ansässigen Autozulieferer und ein Absichtsschreiben für EV-Ladestationen in Kairo, Ägypten. Diese Projekte stehen im Einklang mit BAIYUs Expansion in den Bereich der sauberen Energien.
CEO Renmei Ouyang erklärte, dass das Unternehmen sich verpflichtet hat, seine Geschäftsstrategie zu verfolgen und den Wert für die Aktionäre zu maximieren. Die Aktien von BAIYU werden pending dem Ausgang der Berufung weiterhin an der Nasdaq gelistet bleiben, aber es gibt keine Garantie für eine fortgesetzte Listung.
- BAIYU is advancing two significant projects in the clean energy sector
- The company's stock remains listed on Nasdaq pending the appeal outcome
- BAIYU continues to be current with SEC filings and maintains registration of its securities
- Nasdaq has decided to delist BAIYU's securities due to concerns about recent disclosures
- There is no guarantee that BAIYU's appeal for continued listing will be successful
- The delisting decision may negatively impact investor confidence and stock performance
Insights
This delisting appeal is a critical juncture for BAIYU Holdings. The company faces serious allegations from Nasdaq regarding the adequacy of due diligence in recent transactions and unusual trading activity. These concerns strike at the heart of corporate governance and transparency issues.
The retention of experienced securities counsel Jacob Frenkel suggests BAIYU is taking this matter seriously. However, the burden of proof will be on the company to demonstrate that Nasdaq's concerns are unfounded. The outcome of this appeal could have significant implications for BAIYU's access to capital markets and investor confidence.
While the company asserts no promotional activities or insider trading occurred, the unusual stock activity following recent announcements will likely be scrutinized closely. BAIYU's ability to provide evidence of proper due diligence and explain the market reaction will be important to their appeal.
Investors should be cautious, as a negative outcome could result in delisting, potentially impacting liquidity and valuation. Even if successful, this process may cast a shadow over the company's reputation and governance practices.
BAIYU's situation presents significant risks for investors. The potential delisting from Nasdaq could severely impact the stock's liquidity and valuation. While the company remains optimistic about its appeal, the uncertainty surrounding this process is likely to weigh heavily on investor sentiment.
The company's recent pivot into clean energy projects, particularly the lithium battery contract and EV charging stations in Egypt, represents a major strategic shift. However, Nasdaq's concerns about due diligence raise questions about the viability and execution of these projects. Investors should carefully evaluate the company's ability to successfully enter these new markets, especially given the regulatory scrutiny.
BAIYU's small market cap of
The Nasdaq Staff based its delisting decision on concerns relating to the substance and timing of the Company's recent disclosures regarding a contract for the sale of electric lithium batteries to be purchased from a
Renmei Ouyang, CEO of BAIYU, commented, "We are appealing the Nasdaq Staff's recent action because we believe that the Staff had not considered fully and appreciated the scope of work of the Company's dedicated management to secure these two significant opportunities. These two projects are natural extensions of the Company's bulk commodities trading business and align perfectly with our recent expansion into clean energy projects, including battery-charging stations. We are a company that lets the quality of our people, our experience and business plan speak for themselves."
In connection with the Company's announcement on August 29, 2024 of a purchase and sales contract for electric lithium batteries with a
Ouyang further stated that "management's prioritization of expanding the Company's business footprint and building shareholder value should result in favorable consideration by Nasdaq in our appeal." Nevertheless, the Company acknowledges that it cannot predict the outcome of the appeal. Ouyang added that "we are committed to advancing expeditiously our efforts to maximize shareholder opportunities and value and pursue our business strategy uninterrupted."
BAIYU anticipates that its common stock will remain listed on the Nasdaq pending the outcome of the hearing and subsequent decision by a hearings panel. There can be no assurance that the panel will grant the Company's request for continued listing. Meanwhile, the Company continues to be current with its filings of periodic reports with the Securities and Exchange Commission, and expects to maintain the registration of its securities under the Securities Exchange Act of 1934, as amended. Moreover, the Nasdaq Staff's notice of determination of delisting does not affect the Company's business operations, financial position, or ability to meet all financial obligations to partners and other counterparties.
BAIYU remains committed to its diverse corporate mission with its focus on energy by continuing to develop and provide clean energy alternatives. For more information on BAIYU's ongoing initiatives and corporate developments, please visit www.baiyuglobal.com.
About BAIYU Holdings, Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Its commodities trading business primarily involves purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures. Currently, the Company is in the process of expanding its business into clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. To learn more about our work, please visit www.baiyuglobal.com.
Forward-Looking Statements
This press release contains "forward-looking statements." These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "would," "should," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue," "approximates," "assesses," "hopes," "projects," "intends," or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct; and, the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company's "Risk Factors" section and other sections in its most recent Annual Report on Form 10-K, and subsequent quarterly and other filings with the United States Securities and Exchange Commission.
Contacts
BAIYU Holdings, Inc.
Room 3703, Jingji Binhe Times Building, Binhe Avenue, Futian District
518000
For media inquiries regarding the subject of this press release, please contact:
Jacob S. Frenkel, Esq.
Dickinson Wright PLLC
Email: jfrenkel@dickinsonwright.com
For investor and media inquiries, please contact:
BAIYU Holdings, Inc.
Investor Relations Department
Email: ir@baiyuglobal.com
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SOURCE BAIYU Holdings, Inc.
FAQ
Why is BAIYU Holdings (BYU) appealing Nasdaq's delisting decision?
What are the two major projects BAIYU Holdings (BYU) recently announced?
Will BAIYU Holdings (BYU) stock remain listed on Nasdaq during the appeal process?
How does the Nasdaq delisting notice affect BAIYU Holdings' (BYU) business operations?
