Trading of Wonder Auto Technology Inc (PINK:WATG) stock was halted by the Nasdaq on May 6 this year. Yesterday, it was resumed, but on the OTC Pink tier. The price dropped more than 50%.
To be exact, WATG closed down 54.61% at $2.46 with a little over 6 million shares traded. It should be noted, however, that through the session the price was rising; WATG opened at $1.10.[BANNER]
WATG is a Nevada holding company which operates in China through its subsidiaries. The company is engaged in the design, development, manufacture and sale of automotive electric parts.
Trading was halted due to “additional information requested”. In the years between 2006 and 2010, WATG reported huge increases in net revenue and net income.
Last Friday, the company announced it had received notice concerning its appeal hearing with respect to Nasdaq’s decision to delist the company’s common stock from trading. The appeal hearing has been set for Oct. 6.
There is still no final word on the results of the investigation conducted by the company’s Audit Committee. There are no new financial reports either, but WATG stated it was working diligently to complete its delinquent forms.
