(SeeNews) – Oct 23, 2013 – Canada-based China Wind Power International Corp (CVE:CNW) said Tuesday it may be obliged to delist its shares from the Toronto Stock Exchange on January 16, 2014.
The company delayed its annual financial statements for the financial year through March 2012 and the statements for its first fiscal quarter to June 30, 2012, which led to cease trade order from the Ontario Securities Commission. As a result, the Toronto Stock Exchange stopped trading the company’s shares on October 3 last year. The British Columbia Securities Commission also issued cease trade order to China Wind Power on October 4, 2012, followed by the Alberta Securities Commission on January 18, 2013.
The Toronto Stock Exchange informed the company that in order to avoid delisting it should file all outstanding financial statements and have its cease trade orders revoked before January 16.
China Wind Power is working on fulfilling the conditions but it has applied for a two-month extension of the deadline due to concerns that it will not be able to provide statements for the quarters to March 31, 2013, June 30, 2013 and September 30, 2013, before the delisting date.
China Wind Power indirectly holds the exclusive rights for a wind energy project in Du Mon County, Heilongjiang Province, which has a potential installed capacity of 1,150 MW. For now it plans to deploy about 800 MW at the site over five phases.
Choose your newsletter by Renewables Now. Join for free!