China Ritar Power today announced its intent to voluntarily delist the Company's common stock from the Nasdaq Global Stock Market. The Board determined that maintaining the listing has imposed difficult burdens and high costs on the Company. The Company has immediately proceeded with delisting by providing a written notice to Nasdaq on June 23, 2011 of its intention to delist and will file a Form 25 with the Securities Exchange Commission on or around July 5, 2011. The Company expects the delisting from Nasdaq to become effective July 15, 2011, ten days after filing its Form 25.
China Ritar Power received oral notice from The Nasdaq Stock Market advising that the Company is not in compliance with Nasdaq's continued listing requirements set forth in Nasdaq Marketplace Rule 5250(c), which requires timely filing of SEC periodic reports, because it failed to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2010. As a result, Nasdaq is halting trading of the Company's stock indefinitely, effective Monday April 18, 2011. In addition, the Company anticipates receiving a letter from Nasdaq about possible delisting if the Company fails to comply with Nasdaq listing requirements within a certain period of time.