Euro Tech Holdings Company Limited (NASDAQ:CLWT) (“Euro Tech” or the “Company”) today provides an update on its status under the Holding Foreign Companies Accountable Act (the “HFCAA”).
The Company is aware that it has been provisionally identified by the United States Securities and Exchange Commission (the “SEC”) under the HFCAA as a Commission-Identified Issuer on May 20, 2022, following the Company’s filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on May 16, 2022.
The Company understands the SEC made such identification pursuant to the HFCAA and its implementation rules issued thereunder, and this indicates that the SEC determines that the Company has retained a registered public accounting firm whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”) to issue the audit opinion for its financial statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, the securities of a company will be delisted from a U.S. stock exchange if such company has been identified by the SEC for three consecutive years due to PCAOB’s inability to inspect or investigate the registered public accounting firm’s working paper completely.
The Company will continue to monitor market developments and explore possible solutions. The Company will continue to comply with applicable laws and regulations in both China and the United States, and strive to maintain its listing status on Nasdaq.
