L&L Energy, the Seattle-based operator of Chinese mines whose CEO was charged with fraud last month, is delisting its stock from Nasdaq, where trading has been halted since November.
The company will ask the Securities and Exchange Commission on April 18 “to effect the voluntary delisting” of its stock from Nasdaq. That should take about 10 days, L&L said in a regulatory filing signed by chief financial officer Ian Robinson.
After that, the filing said, L&L “anticipates that its common stock will trade on the OTC Markets, although there can be no assurances that any trading market for the Company’s common stock will exist, and the liquidity of such trading market may be limited.”
The over the counter market has much lower standards, and many penny stock companies trade there without the fully audited financials and SEC reporting needed for Nasdaq.
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L&L CEO Dickson Lee has been in federal custody since his arrest March 28 after arriving at Seattle-Tacoma International Airport.
A grand jury indictment unsealed that day charged him with 10 counts of securities fraud and making false filings to the SEC, including signing the name of a purported chief financial officer on Sarbanes-Oxley certifications about the company’s financial reports. Lee has pleaded not guilty.
The company and Lee also face a civil action by the SEC on similar grounds.
L&L stock, as high as $14 in 2010, last chagned hands at $1.25 before Nasdaq ordered a halt Nov. 18, saying it wanted more information about the company.