Last month, Yuhe International, Inc (NASDAQ:YUII) waved goodbye to the NASDAQ stock market and joined the bulging group of delisted Chinese companies.
The official delisting happened on June 28, when YUII received an official letter from the Listing Qualifications Department of NASDAQ, which said that the listing of YUII securities on Nasdaq was no longer “warranted”.
The company was alleged of false public disclosures, diversion and misappropriation of corporate funds and so on. Additionally, YUOII was rebuked for not being able to conduct a credible investigation of the signaled misconducts.
As a result, the company shares stopped trading for a while on the market and just two days ago the trade resumed but this time on the unofficial over the counter market. The company has also been marked with a caveat emptor sign which depicts a black skull and crossed bones.[BANNER]
The market speculator were not surprised to see that the previous YUII share value had practically evaporated. Shortly before the delisting, YUII shares were sold at $4.5 per share. However, two days ago YUII resumed trading at $0.84 which wiped out the shareholder investments in the company.
At this stage, no one can predict what will happen with YUII on its new trading venue. Maybe speculators on the penny stock market will find a new opportunity for gambling with this stock.
