NEW YORK (TheStreet) -- Shares of Advanced Emissions Solutions (ADES) closed sharply down today, lower by 11.36% to $9.40, after the company said NASDAQ decided to delist its shares and suspend its trading on the exchange effective tomorrow, due to lack of compliance with listing requirements.
The company said that it received a notification letter from NASDAQ Stock Market LLC on January 30 indicating that the NASDAQ Listing Qualifications Hearings Panel had determined to delist the shares.
Following the suspension of trading of the company's common stock on NASDAQ, the shares will begin trading on the OTC Markets, OTC Pink Tier, under the trading symbol ADES.
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The Colorado-based company said that it intends to complete the restatement of its financial statements for the fiscal years ended December 31, 2011 and 2012 and the first three quarters of 2013 and file its delinquent periodic reports with the SEC as soon as practicable.
In connection with becoming current in its SEC filing requirements, Advanced Emissions Solutions added that it also intends to apply for prompt relisting on NASDAQ as early as possible after regaining compliance with the listing requirements.
Advanced Emissions Solutions serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.