Yunhong Green CTI Ltd. Faces Nasdaq Notification on 10-Q Delay
Yunhong Green CTI Ltd. Receives Non-Compliance Notification from Nasdaq
Prior Auditor Suspended from Practicing, Requiring Additional Work to be Performed Prior to Issuing 2024 Filings
Yunhong Green CTI Ltd. (NASDAQ: YHGJ), a prominent manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging solutions, has received a notification from The Nasdaq Capital Market concerning its non-compliance with Listing Standard 5250(c)(1). This notification, dated August 19, indicates that the Company has not filed its 10-Q for the period ended June 30, 2024, as required.
Previously, the Company had engaged BF Borgers CPA PC (BFB) as its independent registered public accounting firm. However, following a decision by the Audit Committee, Wolf & Company, PC has been selected as the new independent registered public accounting firm effective April 1, 2024. On May 3, 2024, it came to the Company’s attention that BFB had been suspended from practicing before the SEC. Due to this suspension, the Company cannot utilize audit reports or consents from BFB for future filings.
As a result, the new auditors will need to carry out specific procedures to evaluate the 2023 balances to effectively review the required 2024 filings, including the Form 10-Q for the periods ending March 31, 2024, and June 30, 2024. The Company is currently collaborating with its new audit firm to address these requirements. Until this process is complete, the Company will face challenges in issuing any filings during the year.
The Company initially submitted a plan aimed at regaining compliance by September 27, 2024, which Nasdaq has accepted for consideration.
Furthermore, the Company is required to update its plan to maintain compliance with Nasdaq by September 3, 2024. Nasdaq may grant an exception for compliance no later than November 11, 2024. Should the Nasdaq reject the updated compliance plan, the Company retains the right to appeal this decision to the Hearings Panel. The Company is committed to submitting its updated compliance plan before the specified deadline.
Understanding Yunhong Green CTI Ltd.
Yunhong Green CTI Ltd. stands as a leader in the manufacturing and marketing of foil balloons. The Company excels in producing laminated and printed films for various commercial applications. Additionally, Yunhong Green CTI distributes balloon-inspired gift items and markets its products across the United States and several other countries. The Company has positioned itself in a competitive market by consistently delivering quality products and maintaining strong relationships with its customers.
Product Offerings and Innovations
The product range of Yunhong Green CTI includes various types of balloons, films, and packaging solutions tailored for different customer needs. The Company focuses on innovation and sustainability in its product lines, ensuring that its offerings not only meet the highest quality standards but also adhere to environmentally responsible practices. Continuous development in new materials and designs allows Yunhong Green CTI to maintain a competitive edge in the marketplace.
Market Position and Growth Strategies
With a commitment to excellence, Yunhong Green CTI actively seeks opportunities for growth within the industry. The Company leverages its existing market presence while exploring new avenues for expansion, both domestically and internationally. By fostering strong partnerships and understanding customer demands, Yunhong Green CTI reinforces its position as a trusted supplier of custom film products and balloons.
Future Outlook
Despite the recent challenges related to compliance and auditing, Yunhong Green CTI remains focused on its strategic objectives. The Company is devoted to restoring compliance with Nasdaq and is taking proactive measures to ensure transparency and accountability in its financial reporting. By working closely with their new audit firm and adapting to changes in the regulatory environment, Yunhong Green CTI is poised for resilience and future success.
Frequently Asked Questions
What triggered the non-compliance notification from Nasdaq?
The notification stemmed from Yunhong Green CTI's failure to file its 10-Q for the period ended June 30, 2024, as per Nasdaq's listing requirements.
What is the company's plan to regain compliance with Nasdaq?
The company has submitted an initial plan to regain compliance by September 27, 2024 and is working on an updated plan due by September 3, 2024.
Who is the current auditing firm for Yunhong Green CTI Ltd.?
Yunhong Green CTI Ltd. has appointed Wolf & Company, PC as its new independent registered public accounting firm as of April 1, 2024.
How does this situation affect Yunhong Green CTI's operations?
The non-compliance notification may affect the company's filings and financial disclosures, but the company is taking steps to ensure they fulfill their regulatory obligations.
What are the products offered by Yunhong Green CTI?
Yunhong Green CTI specializes in custom film products, foil balloons, and flexible packaging products, aiming for innovation and sustainability in its offerings.
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