Yunhong Green CTI receives non-compliance notification from Nasdaq
Yunhong Green CTI announced its receipt of a August 19, 2024 notice from The Nasdaq Capital Market indicating the Company's non-compliance with Listing Standard 5250(c)(1), as the Company has not filed its 10-Q for the period ended June 30, 2024 as required. As previously reported, BF Borgers CPA PC was engaged as the Company's independent registered public accounting firm until 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 periods ended March 31, 2024 and June 30, 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. The Company previously submitted its plan to regain compliance no later than September 27, 2024, which the Nasdaq accepted. The Company must update its plan to regain compliance to Nasdaq no later than September 3, 2024, at which time the Nasdaq may grant an exception no later than November 11, 2024. If the Nasdaq does not accept the Company's plan to regain compliance, the Company may appeal that decision to Hearings Panel. The Company intends to submit its updated plan to regain compliance prior to the deadline.
