Boston, MA, 10/14/2013 – China BAK Battery Inc. (NASDAQ:CBAK) surged 24.41% and closed at $2.65. On October 3, Jonathan Christopher Paugh announced that he would step down as Board Member and as well resign as a member of the Board’s Compensation, Audit and Nominating and also from Corporate Governance Committees, effective immediately. The reason for his resignation is being sited to be personal, and the company is looking forward to elect a new independent director to succeed his place.
Due to the resignation the China BAK Battery Inc. (NASDAQ:CBAK) is not currently in compliance with Listing Rules 5605(c)(2)(A) and 5605(b)(1) of the NASDAQ Stock Market LLC. According to these rules the company’s board must be comprised of independent directors as stated in the rule 5605(a)(2) while the Audit Committee should be comprised of at least three members. With Mr. Paugh’s resignation the company’s Board currently consists of 2 independent directors and 2 two non-independent directors, while the Audit Committee is consists of two members.
On October 7, 2013 the company notified about its non- compliance with NASDAQ listing rules5605(c)(2)(A) and 5605(b)(1). According to the rules the company can regain compliance in a certain time frame which is earlier than either the Company’s next annual shareholders’ meeting or October 3, 2014.
Earlier on April 18, the company had terminated the employment agreement with Danny Pan the CFO of the company, and had appointed Mr. Xiangqian Li to serve as the interim CFO Treasurer and Secretary
With the announcement the stock witnessed an increase in the volatility which was 10.49% in the previous week during which it gained 19.37%
CBAK manufactures lithium-based battery cells and produces battery cells which are component of rechargeable batteries that is in turn used to power smart phones-customer and applications cellular phones categories that includes notebook computers; original equipment manufacturer (OEM) customers and replacement battery manufacturers; portable consumer electronics like digital cameras, portable media players, personal digital assistants (PDAs), portable gaming devices, digital cameras and Bluetooth headsets, camcorders, light electric vehicles, , electric vehicles, cordless power tools, hybrid electric vehicles and uninterruptible power supplies (UPS).
Earlier today, Green Endeavors, Inc. (OTCQB:GRNE) reported revenues of $2.65M and $878K for the nine and three months ended september 30, 2013. GRNE is a majority owned subsidiary of Nexia Holdings, Inc. (PINKSHEETS: NXHD).
Richard Surber, CEO of GRNE, pointed out, “We are showing double digit gains for the periods discussed, which is no easy feat. What’s more exciting is that we have the capacity to substantially increase same store sales even as we look forward to opening additional locations. It should be clear to anyone that has been following GRNE that we are building a strong company. We will continue to strengthen financial position by eliminating liabilities and growing revenues.”
Mr. Surber continued, “We have overcome many obstacles that caused many OTC issuers to fold. GRNE is a stronger organization as result of weathering the storm. Eliminating unfavorable financing arrangements like the convertible notes discussed in our last press release is another big step towards accelerating growth as we look forward.”