Keyuan Petrochemicals, Inc. (OTCQB: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that it has received a letter from NASDAQ regarding a permanent delisting of its stock. The Company's stock will continue to trade on OTC Markets under the ticker symbol "KEYP".
NASDAQ will file a Form 25 with the Securities and Exchange Commission to complete the delisting. The delisting becomes effective ten days after the Form 25 is filed.
"We are disappointed in NASDAQ's decision to delist our stock," stated Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals Inc. "Since we began trading on the NASDAQ, we have taken all measures to comply with NASDAQ's listing requirements. Upon completing our independent investigation in September of 2011, we have taken extensive measures to improve our internal controls and corporate governance. We firmly believe Keyuan is a stronger and more sustainable company than it has ever been. We remain committed to the U.S. capital markets and delivering value to our shareholders."