Keyuan Petrochemicals (PINK:KEYP)

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Thursday, April 12, 2012

NINGBO, China, April 12, 2012 /PRNewswire-Asia-FirstCall/ -- 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."

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Friday, October 7, 2011

NINGBO, China, October 7, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that on October 5th, 2011, the Company received a letter from the NASDAQ Hearings Panel ("the Panel") regarding the Company's appeal to remain listed. NASDAQ notified the Company that its common stock will be suspended from the Nasdaq Stock Market effective October 6th.

Management, the board of directors and the independent committees all worked diligently to provide the Nasdaq with all requested information in a timely manner and meet the deadlines previously imposed. Despite the Company's best efforts to become compliant on all of NASDAQ's requirements, the Panel suspended Keyuan's listing from the Nasdaq Stock Market. As a result, the Company's shares will resume trading in the pink sheets under the ticker symbol KEYP beginning Friday, October 7th.

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Tuesday, October 4, 2011

NINGBO, China, October 4, 2011 /PRNewswire/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan" or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that the Company provided the NASDAQ Hearings Panel ("the Panel") with a copy of the Audit Committee's final investigation report along with a comprehensive list of actions the Company has taken and is committed to taking with regard to remediating accounting and internal control issues.

As previously announced on September 7, the Panel accepted the Company's request to remain listed on The Nasdaq Stock Market subject to certain conditions and the continuance of its trading halt. These conditions included providing the Panel with a copy of the final report of the Audit Committee and filing all delinquent periodic filings with any required restatements.

In order to fully comply with the terms of this exception, the Company plans to file its 10-K for 2010 along with its 10-Q's for the first and second quarter of 2011 by October 12, 2011.

The Company must be able to demonstrate compliance with all requirements for continued listing on NASDAQ. In the event the Company is unable to do so, its securities may be de-listed from NASDAQ.

"We are pleased with the completion of the final independent investigation and have submitted the Audit Committee's final report to the Nasdaq Hearings Panel," stated Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals. "We are working diligently with the Audit Committee and our auditor, GHP Horwath, to complete our full year 2010 audit and financial results for the first six months of 2011. We are committed to meeting all requirements for continued listing on NASDAQ."

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Wednesday, September 7, 2011

NINGBO, China, September 7, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that on September 2, 2011, the Company received a letter from the NASDAQ Hearings Panel ("the Panel") stating that the Panel has determined to grant the request of the Company to remain listed on The Nasdaq Stock Market, subject to a trading halt and to the following conditions:

On or before September 30, 2011, the Company shall provide the Panel with a copy of the final report of the Audit Committee, along with a comprehensive list of the actions the Company has taken and is committed to taking with regard to remediating the accounting and control issues identified.
On or before October 12, 2011, the Company shall file all of the periodic filings that are delinquent as of that date, and any required restatements.

In order to fully comply with the terms of this exception, the Company must be able to demonstrate compliance with all requirements for continued listing on NASDAQ. In the event the Company is unable to do so, its securities may be de-listed from NASDAQ.

"We are working diligently with the Audit Committee and our auditor, GHP Horwath to complete all requirements for continued listing on NASDAQ," stated Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals. "Our entire management team and board are committed to meeting the conditions set forth by the NASDAQ Hearing Panel."

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Thursday, August 25, 2011

NINGBO, China, August 25, 2011 /PRNewswire-Asis-FirstCall/ -- Keyuan Petrochemicals, Inc. (NASDAQ: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, today announced it has received an additional notice from NASDAQ stating the Company is not in compliance with Listing Rule 5250(c)(1) for continued listing due to not filing its Form 10-Q for the three months ended June 30, 2011 by the due date of August 15, 2011.

As previously announced, the Company received notices from the NASDAQ on April 7, 2011 and on May 19, 2011, stating that the Company was not in compliance with Listing Rule 5250(c)(1) for continued listing due to not filing its Form 10-K for the year ended December 31, 2010 by the due date of March 31, 2011, and its Form 10-Q for the three months ended March 31, 2011 by the due date of May 16, 2011, respectively.

Management would like to remind shareholders that on July 26th the NASDAQ Hearings Panel granted a stay of delisting of the Company's securities pending the Company's scheduled hearing to be held on August 25, 2011. As a result, the Company's securities will remain listed, however halted, on the NASDAQ Global Select Market pending further action by the Hearings Panel.

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Thursday, July 14, 2011

On July 5, 2011, Keyuan Petrochemicals, Inc. (the “Company”) received a letter from The NASDAQ Stock Market (“NASDAQ”) indicating that based on its review of the Company and pursuant to NASDAQ Listing Rule 5101 and Listing Rule 5250 (c)(1), the NASDAQ staff (the “Staff”) has determined that “continued listing of the Company’s securities on The Nasdaq Stock Market is unwarranted.”

In accordance with the procedures set forth in the NASDAQ Listing Rules, the Company timely appealed the Staff determination, and requested a hearing before a Hearings Panel.

In response to questions raised concerning the Investigation Team’s interim report, referred to in the Company’s press release published on July 11, 2011 and included in its Interim Report on Form 8-K filed with the SEC on July 11, 2011, the Company would like to clarify the following points: (1) the final investigation has not been completed by the Investigation Team, (2) the Investigation Team was not in a position to determine that the Company's accounting for revenue from certain customers had been "accounted for appropriately," as these are determinations to be made by the Company and its independent auditors, (3) the interim report was issued by the Investigation Team to report its findings in connection with certain sales and customer transactions, neither Pillsbury, Deloitte, King & Wood nor the industry expert “separately verified the accuracy of information related to the Company's 2010 sales”, and (4) the Investigation Team made no determination in the interim report that the Company is on "solid financial footing."

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Tuesday, May 31, 2011

KPMG was engaged as principal accountants on January 17, 2011 and the decision to engage KPMG was approved by the Company’s audit committee of the board of directors. During the preparation of our Annual Report on Form 10-K for the year ending December 31, 2010, KPMG raised certain issues, primarily relating to unexplained issues regarding certain cash transactions and recorded sales. KPMG brought these issues to the attention of our Audit Committee on or about March 24, 2011 and requested that the Audit Committee conduct an independent investigation. On March 31, 2011, our Audit Committee elected to commence such an investigation of the issues raised and engaged the services of independent counsel, Pillsbury Winthrop Shaw Pittman LLP, which in turn engaged the services of King & Wood and Deloitte (the “Investigation”). The Investigation is currently in process and the Company is fully cooperating with the Investigation. Despite the fact that the Investigation is currently being carried out with the full cooperation of the Company and the results of such Investigation have neither been formulated nor concluded, KPMG has elected to terminate the client-auditor relationship with the Company.

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Tuesday, May 24, 2011

On April 7, 2011, we received notice from Nasdaq stating that we are not in compliance with Listing Rule 5250(c)(1) for continued listing due to the fact that we have not yet filed our Form 10-K for the year ended December 31, 2010 by the due date of March 31, 2011 (extended to April 15, 2011 by Exchange Act Rule 12b-25).

As a result, to maintain our Nasdaq listing, we submitted a plan of compliance to the Exchange for an evaluation. If the plan is accepted, we may be able to continue our listing during the plan period up to October 12, 2011, during which time we will be subject to periodic review to determine if we are making progress consistent with the plan. If our plan is not accepted, or if our plan is accepted but we fail to make progress consistent with our plan, or we are not in compliance by October 12, 2011, we will be subject to delisting proceedings. Under Nasdaq rules, we have the right to appeal any determination by Nasdaq to initiate delisting proceedings.

On May 19, 2011, we received an additional notice from Nasdaq stating that we do not comply with Listing Rule 5250 (c) (1) for continued listing due to the fact that we have not yet filed our Form 10-Q for the three months ended March 31, 2011 on time. Nasdaq further stated in the notice that it will take this delinquency along with our previous failure to timely file the Form 10-K for fiscal year 2010 into the consideration when determining whether to delist the Company.

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Tuesday, April 12, 2011

On April 7, 2011, we received notice from Nasdaq stating that we are not in compliance with Listing Rule 5250(c)(1) for continued listing due to the fact that we were not able to file our Form 10-K for the year ended December 31, 2010 by the due date of March 31, 2011. In addition, we disclosed that our auditors have identified concerns that have prompted our audit committee to initiate an independent investigation and we expressed uncertainty that we would be able to file Form 10-K within the 15 day extension period allowed under Form 12b-25

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Friday, April 1, 2011

NINGBO, China, April 1, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) today announced that it has not completed its 2010 consolidated financial statements by the March 31, 2011 deadline. The Company has applied for an extension with the SEC and is required to file the Annual Report by April 15, 2011.

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