Nasdaq is not holding up any sale. The only Thing a re-list is holding up is , as usual, the common investor. I suppose you could say that the halt has also caused Abax to temporarily withdrawl from the offer, but really, they were only a minor part and could be replaced or forgotten, or more likely, convinced otherwise.
The company can call a vote anytime if it desires, but it won't. If the BOD Team decides the offer is fair, that will be that.
NASDAQ has "halted" trading in the stock, it hasn't "delisted" it. Therefore the vehicle for the company to secure investor shares still lies with NASDAQ. The special commitee can recommend what the company position on the going private offer should be, but the shareholders still need to accept or reject their recommendation. No? Would you sign over your shares to a company in China without a ligitimate go between? Without being traded though some vehicle, even pink sheet trading, who is going to manage who owns what shares and who processes the selling and buying activity?
We don't have much of a choice but to just wait this out. Either the NASDAQ is going to become satisfied with YONG's responses or not. At that time we all will know what happens to the value of our shares and whether this going private proposal can or will be consumated. I'm hoping for the latter.
I agree with me_assassin. I don't think the Nas is holding up the sale. There is nothing stopping the special committee from accepting an offer while the stock is halted. They would have to convince ABAX (or MS to fund the purchase directly), but at any price below $10 per share, they will surely have no problem getting funding.
Nasdaq’s request could very well be holding up the sale. Nas is likely questioning items that are used to value the company, like revenue recognition. Unless they don’t care at all about being sued, the BG can’t go barging ahead without considering the impending lawsuits. HL has exposure too. Mgmt. is doing whatever the lawyers tell them to do. If the lawyers say wait until the halt is lifted (or after delisting) to announce a binding offer, that’s what they’ll do. Important info will be released that must at least be considered for the BO or it will look very bad for them in court. Hopefully, if the BG announces a binding offer, Nasdaq will use their discretion to not delist even if they haven’t disclosed completely. It’s a chicken and egg deal, if they don’t disclose Nas may not allow trading, but like the latest article says it’s in the best interest of existing investors to lift the halt IF a binding offer is made. Lifting the halt without news would surely result in a major drop.