BEIJING, April 21, 2014 /PRNewswire/ -- Tri-Tech Holding Inc. (OTC: TRITF), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that, on April 14, 2014, Tri-Tech Holding Inc. (the "Registrant") received a letter (the "Nasdaq Letter") from the Chief Counsel of The Nasdaq Stock Market ("Nasdaq"), notifying the Registrant that the Nasdaq Hearings Panel (the "Panel") has determined to deny the request of the Registrant for continued listing. Accordingly, the Panel suspended trading of the Registrant's shares effective as of the open of business on April 16, 2014. The Registrant's shares now trade under the symbol "TRITF" on the over the counter market.
The Panel's determination was based on its affirmation that of the Nasdaq Staff's exercise of its authority pursuant to Nasdaq Listing Rules 5101 and 5250(c)(1). Nasdaq Rule 5250(c)(1) relates to the Registrant's failure to file its annual report on Form 10-K for the year ended December 31, 2013. Nasdaq Rule 5101 provides Nasdaq with broad discretionary authority "in order to maintain the quality of and public confidence in its market, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and to protect investors and the public interest."
The Nasdaq Letter noted that the Registrant may request that the Nasdaq Listing and Hearing Review Council (the "Council") review the Panel's decision if the Registrant provides a written request for review that is received within 15 days from the date of the Panel's decision. In addition, the Council may determine on its own motion to review the decision within 45 calendar days after issuance of the Panel's decision.