SmartHeat, Inc. provides clean technology products and services in China. The Company designs, produces, manufactures and sells plate heat exchange products and heat meters for industrial, commercial and residential applications.
NYGG, the facilitator of its reverse merger, was sued by the SEC for stock price manipulation in 2015.
On 30 May 2012, Heat announced the resignation of its Chairman James Jun Wang, its President and CEO Wen Sha, and several other officers. Heat also announced that, to meet “immediate cash needs”, it would take out a $1 million revolving line of credit at onerous rates from Mr. Wang. Trading was halted and later suspended in Nov 2012.
The NASDAQ Hearings Panel denied SmartHeat’s appeal to delisting. The company was delisted on 19 Aug 2013.
SmartHeat: 2010 Annual Report, 7 Oct 2011
Reuters: N.Y. financier charged with fraud in Chinese ‘reverse mergers’, 11 Sep 2015
MarketScreener: SmartHeat Inc : The Rosen Law Firm Announces Investigation of Securities Claims Against SmartHeat, Inc., 15 Jun 2012