A-Power receives Nasdaq delisting threat

UNITED STATES: China-based A-Power Energy Systems has received a notice of noncompliance from the Nasdaq Stock Exchange.

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It comes as the troubled company is being investigated by the US Securities and Exchange Commission, which regulates listed companies. On 27 June, financial trading in A-Power’s stock was halted on the Nasdaq.

Nasdaq’s decision stems from the the resignation of the company’s independent auditor MSCM LLP. The auditor said A-Power had not retained an independent forensic accounting team as it required.

Unless A-Power requests a hearing by tomorrow it will be delisted from the exchange.

In June, A-Power announced that Shenyang Power Group Company, of which it owns 19.5%, had subcontracted part of the controversial planned 615MW Spinning Star wind farm in Texas to China Machinery Engineering Corp.  

A-Power said that both firms were to form a partnershipt to raise $260 million in debt financing in China for Spinning Star.

More details of the partnership, which was to have been hammered out in May 2011, were not released.

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