China Auto Logistics, Inc. imports and retails automobiles, offers automobile financing services, and operates automobile information websites.
On April 2, 2018, China Auto Logistics Inc. reported that it was unable to timely file its Annual Report on Form 10-K for the period ending December 31, 2017 because it needed extra time to “identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K.” They also identified a material weakness in its internal controls over “identifying and reporting certain relationships and related transactions.”
The Company does not plan to request an appeal of Nasdaq’s foregoing determination. Accordingly, trading of the Company’s common stock will be suspended at the opening of business on August 1, 2018, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
GlobeNewsWire: China Auto Logistics Inc. Receives Nasdaq Delisting Notice, 30 Jul 2018
China Auto Logistics: Annual Report, 29 Mar 2010