By Josh Beckerman
BAIYU Holdings shares touched a 52-week low as the stock returned to Nasdaq, over a month after the Securities and Exchange Commission temporarily suspended trading.
However, shares could possibly face an eventual delisting, as the company said it received a delisting notice that it is appealing.
Shares were recently down 49% to 51 cents Wednesday, with an intraday range of 37 cents to $1.20.
The SEC said Sept. 6 that it had concerns about the adequacy and accuracy of publicly available information in the marketplace.
China-based BAIYU has operations including e-commerce and supply-chain services. It has sought to expand operations in areas including photovoltaic energy and charging stations.
On Tuesday, BAIYU discussed recent projects and the delisting notice. Later Tuesday, Nasdaq said trading would resume Wednesday.
BAIYU said Nasdaq staff based its delisting decision on concerns relating to the substance and timing of recent disclosures regarding a contract for the sale of electric lithium batteries to be purchased from a U.S.-based auto supplier and a letter of intent to build and operate electric vehicle charging stations in Egypt.
The company "intends to maintain that the staff did not consider all relevant facts in making its delisting decision."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 09, 2024 13:25 ET (17:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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