Advanced Emissions Solutions Inc., a developer of clean-coal technologies has received a notification letter from The NASDAQ Stock Market asking it to delist its shares from NASDAQ, as the company’s stock plummeted following KPMG’s resignation as the company’s accounting firm.
Advanced Emissions’ shares have fallen sharply to $9.40 on February 2, from $19.83 on January 30, when the company reported that KPMG had resigned on January 23 because of “inadequate management oversight” over financial reporting and “inadequate accounting resources.”
Advanced Emissions said the company’s shares will be suspended on NASDAQ, but will begin trading on the OTC Markets – OTC Pink Tier. It also 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 Securities and Exchange Commission as soon as practicable.”