Yunhong Green CTI Ltd. Faces Delisting Concerns
Ticker: YHGJ · Form: 8-K · Filed: Aug 22, 2024 · CIK: 1042187
| Field | Detail |
|---|---|
| Company | Yunhong Green Cti Ltd. (YHGJ) |
| Form Type | 8-K |
| Filed Date | Aug 22, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
Yunhong Green CTI Ltd. might get delisted - big trouble ahead.
AI Summary
Yunhong Green CTI Ltd. filed an 8-K on August 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates potential issues with the company's continued listing on the stock exchange, with the earliest event reported on August 19, 2024.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the company's stock being removed from trading.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- YUNHONG GREEN CTI LTD. (company) — Registrant
- August 19, 2024 (date) — Earliest event reported
- August 22, 2024 (date) — Date of report
- Illinois (jurisdiction) — State of incorporation
- 000-23115 (filing_number) — SEC File Number
- 36-2848943 (tax_id) — IRS Employer Identification No.
- 22160 N. Pepper Road, Lake Barrington, IL 60010 (address) — Principal executive offices
- (847) 382-1000 (phone_number) — Registrant's telephone number
FAQ
What is the specific reason for Yunhong Green CTI Ltd.'s potential delisting?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing,' but the specific rule or standard is not detailed in this excerpt.
When was the earliest event related to this delisting notice reported?
The earliest event reported was on August 19, 2024.
What is the company's principal executive office address?
The principal executive offices are located at 22160 N. Pepper Road, Lake Barrington, IL 60010.
What is the company's SEC file number?
The SEC file number for Yunhong Green CTI Ltd. is 000-23115.
Has the company changed its name previously?
Yes, the company was formerly known as Yunhong CTI Ltd. (name change effective March 16, 2020) and prior to that, CTI INDUSTRIES CORP (name change effective July 10, 1997).
Filing Stats: 994 words · 4 min read · ~3 pages · Grade level 10.7 · Accepted 2024-08-22 06:16:38
Filing Documents
- form8-k.htm (8-K) — 43KB
- ex99-1.htm (EX-99.1) — 4KB
- ex99-2.htm (EX-99.2) — 8KB
- ex99-3.htm (EX-99.3) — 2KB
- ex99-4.htm (EX-99.4) — 2KB
- ex99-1_001.jpg (GRAPHIC) — 141KB
- ex99-1_002.jpg (GRAPHIC) — 123KB
- ex99-1_003.jpg (GRAPHIC) — 72KB
- ex99-3_001.jpg (GRAPHIC) — 3074KB
- ex99-3_002.jpg (GRAPHIC) — 2275KB
- ex99-4_001.jpg (GRAPHIC) — 3326KB
- ex99-4_002.jpg (GRAPHIC) — 1474KB
- ex99-4_003.jpg (GRAPHIC) — 2291KB
- 0001493152-24-033489.txt ( ) — 15713KB
- yhgj-20240819.xsd (EX-101.SCH) — 3KB
- yhgj-20240819_lab.xml (EX-101.LAB) — 34KB
- yhgj-20240819_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 19, 2024 YUNHONG GREEN CTI LTD. (Exact name of registrant as specified in charter) Illinois 000-23115 36-2848943 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 22160 N. Pepper Road , Lake Barrington , IL 60010 (Address of principal executive offices) (Zip Code) (847) 382-1000 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock YHGJ The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. Until April 1, 2024, Yunhong Green CTI Ltd. ("YGCTI" or the "Company"), had engaged BF Borgers CPA PC (BFB) as the Company's independent registered public accounting firm. The audit relationship began during December 2022 and included audits of the financial statements and related Form 10-K filings for the periods ended December 31, 2022 and December 31, 2023. The Audit Committee selected Wolf & Company, PC as the Company's independent registered public accounting firm as of April 1, 2024. On May 3, 2024, the Company became aware that BFB had agreed to be suspended from appearing or practicing before the SEC. Because of this, the Company may no longer use audit reports or consent from BFB in future filings. Without the 2023 audit report, the Company's new auditors will need to perform procedures related to 2023 balances in order to be able to perform an effective review of required 2024 filings, including the Form 10-Q for the period ended March 31, 2024. The Company is working with its new audit firm to perform this work. Until this is completed, the Company will not be able to issue filings during 2024. On May 22, 2024, the Company received written notice (the "Notice") from The Nasdaq Capital Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not filed its Form 10-Q for the period ended March 31, 2024 as required. The Notice had no immediate effect on the Nasdaq listing or trading of the Company's common stock. The Notice required disclosure of this information, as well as the submission of a plan to regain compliance no later than July 22, 2024. The Company submitted its plan to regain compliance on July 9, 2024, describing the audit work being performed and related timeline for completion, and requesting an extension until September 27, 2024 to file all Delinquent Reports, including the Form 10-Q reports for the periods ended March 31, 2024 and June 30, 2024. This exception request was granted by Nasdaq staff pursuant to a letter dated July 24, 2024. This letter also informed the Company that its failure to satisfy the terms of the extension would result in a delisting of the Company's securities, subject to the Company's option to appeal such determination to a Hearings Panel. On August 19, 2024, the Company received a second written notice from Nasdaq stating that the Company had not filed its Form 10-Q for the period ended June 30, 2024 as required. This notice had no immediate effect on the Nasdaq listing or trading of the Company's common stock. This notice required an update of the Company's plan to regain compliance no later than September 3, 2024. If Nasdaq chooses to accept the Company's plan, it may grant an exception of up to 180 calendar days from the initial Delinquent Filing, o