Based in Hangzhou, China, BEST Inc. (BEST, Financials) a supply chain solutions company has gotten a warning from the New York Stock Exchange declaring it does not follow listing criteria. According to a statement from BEST, the firm neglected to submit its Form 6-K financial report for the six months ended June 30, 2024, with the U.S. Securities and Exchange Commission.
Section 802.01E of the NYSE Listed Company Manual, which mandates timely financial report submissions to preserve listing status, is cited in the NYSE alert dated Jan. 6, 2025. BEST stated in its statement that its concentration on completing a previously announced privatization deal accounts for the delay. BEST added, after the privatization is complete, the company's Class A ordinary shares would no longer be traded on the NYSE.
Providing goods delivery, supply chain management, and worldwide logistics, BEST runs supply chains and logistics operations in China and Southeast Asia. Said in its statement, the business employs unique technologies to enhance supply chain processes.
The firm said it is focusing on the privatization process but did not provide a date for the delayed submission. Based on BEST's remark, the result of this endeavor will define the company's future in the market and degree of compliance.
This article first appeared on GuruFocus.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.