EBOD Announces Intention to Voluntarily Delist From the Nasdaq Stock Market and Deregister as a Reporting Company With the SEC
February 01 2013 - 5:30AM
Renewable Energy Trade Board Corporation, formerly known as China
Technology Development Group Corporation (Nasdaq:EBOD) ("we" or the
"Company"), a fast growing clean energy group in China based in
Hong Kong, today announced that it intends to voluntarily delist
its common stock from the Nasdaq Stock Market and deregister the
Company as a reporting company with the Securities and Exchange
Commission (the "SEC").
The Company has notified the Nasdaq Stock Market of its intent
to voluntarily delist its common stock from the Nasdaq Capital
Market and will file a notice on Form 25 relating to the delisting
of its common stock with the SEC on or about February 11, 2013, but
no earlier than February 11, 2013. The Company expects that the
trading of its common stock on the Nasdaq Capital Market will be
suspended on the date the Form 25 is filed, with the official
delisting of the Company's common stock becoming effective ten days
thereafter. Simultaneously with the effectiveness of delisting, the
Company plans to file a Form 15 with the SEC to terminate its
reporting obligations under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Upon the filing of the Form 15, the
Company's obligations to file certain reports with the SEC,
including Form 20-F and Form 6-K, will immediately be suspended.
The Company expects that the deregistration of its common stock
will become effective ninety days after the date the Form 15 is
filed. The deregistration of the Company's common stock is subject
to the SEC's review.
Following the delisting, it is expected that the trading of the
Company's common stock by continuing shareholders may be effective
through privately negotiated transactions or on the Pink Sheets, a
centralized electronic quotation service for over-the-counter
securities, so long as market makers demonstrate an interest in
trading in the Company's common stock. However, the Company can
provide no assurance that the trading in its common stock will
continue in the Pink Sheets or in any other form. More information
about the Pink Sheets can be obtained from its website at
http://www.pinksheets.com.
The decision to voluntarily delist and deregister its common
stock has been driven by the Company's goal to reduce current
expenses and to avoid future expenses associated with the NASDAQ
listing and compliance with SEC reporting requirements, which
include audit, legal and other administrative fees. The Company's
common stock is very thinly traded on the Nasdaq Capital Market and
has generated no significant institutional investor interest or
analyst coverage. The Company's Board of Directors authorized the
delisting and deregistration of the Company's common stock after
concluding that the consequences of remaining an SEC-reporting
company, including the significant costs associated with regulatory
compliance, outweighed the current benefits of remaining listed on
the Nasdaq Stock Market. The Company believes that the expense
reductions inherent in delisting and deregistration will benefit
the Company and its shareholders and serve to maximize the long
term value of the Company. In addition, the deregistration will
enable the Company's senior management to focus more of its time
and resources on operating the Company and enhancing shareholder
value. Following the deregistration, the Company intends to
continue to be audited by independent accounting firms and prepare
and publish its consolidated annual financial results on its
company website www.energy-board.com.
About EBOD:
EBOD is a fast growing clean energy group in China based in Hong
Kong, providing solar energy products and solutions to the global
market under the "LSP" brand. For more information, please visit
http://www.energy-board.com
EBOD's major shareholder is China Merchants Group, a state-owned
conglomerate in China (http://www.cmhk.com).
Forward-Looking Statement Disclosure:
It should be noted that certain statements herein which are not
historical facts and statements preceded by "believe," "expect,"
"anticipate," "foresee," "target," "estimate," "designed," "plans,"
"will" or similar expressions are forward-looking statements. These
statements are based on management's best assumptions and beliefs
in light of the information currently available to it. Because they
involve risks and uncertainties, actual results may differ
materially from the results that the Company currently expects.
Factors that could cause these differences include the risk factors
specified on the Company's annual report on Form 20-F for the year
ended December 31, 2011 under "Item 3.D Risk Factors." Other
unknown or unpredictable factors or underlying assumptions
subsequently proving to be incorrect could cause actual results to
differ materially from those in the forward-looking statements. The
Company does not undertake any obligation to update publicly or
revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
CONTACT: Enquiry:
Serena Wu, Assistant to President
China Technology Development Group Corporation
Tel: +852 3112 8461
Email: ir@chinactdc.com
Web: www.energy-board.com
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