YouWeb was formally delisted by Nasdaq

by anonymous on 2012-02-26 00:32:46

In August 2010, Tang Jun packaged 60% of Lianyou's shares into Dahua Construction (CAEI) and listed on NASDAQ through a backdoor listing. However, due to the delay in launching the game products "Lei Ting" and "Warring States", the company had no source of income; management struggles and layoffs further exacerbated the stock price volatility: In December 2010, it received a delisting warning from NASDAQ because its stock price was below $1 for a long time, and Tang Jun managed to bring the stock price back above $1 by consolidating four shares into one. Last September, Tang Jun resigned as chairman of Lianyou and sold all the stocks he held at a loss. In the latest financial report released by Lianyou for the third quarter of 2011, its revenue was 0, with a net loss of 2.6 million US dollars; before being delisted, its total share capital was only 4.2 million US dollars, and the P/E ratio was -0.26 times.