FUZHOU, China, Dec. 16, 2022 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (the "PRC"), has received notification from The Nasdaq Stock Market LLC ("Nasdaq") regarding the suspension of trading in PME stock. This action is in response to the actions taken by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"). OFAC designated certain individuals and companies, including Pingtan and its Chairman and CEO, Mr. Xinrong Zhuo, as well as certain vessels, in the Specially Designated Nationals ("SDN List"). The details of the sanctions can be found at the following links: https://home.treasury.gov/news/press-releases/jy1154 and https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221209.
OFAC stated that these actions are being taken in accordance with Executive Order 13818, issued by former President Trump on December 20, 2017 ("EO 13818"). In response, OFAC has issued two general licenses ("GLs"), Global Magnitsky GLs 3 and 4. GL 3 allows U.S. persons to engage in certain transactions related to the wind down of financial contracts and other agreements involving Pingtan, or the divestment or transfer of debt or equity of the company listed on Nasdaq, until March 9, 2023. GL 4 allows U.S. persons to engage in transactions related to the wind down of transactions involving a vessel in which one or more of the blocked entities have an interest, until March 9, 2023. Additional details can be found at the following links: https://home.treasury.gov/system/files/126/glomag_gl3.pdf and https://home.treasury.gov/system/files/126/glomag_gl4.pdf.
The Company conducts marine fishing operations in international waters with owned or licensed vessels, and ensures compliance with international standards and the laws and regulations of the operating waters. The Company's human resource management is in compliance with the Labor Law and the Labor Contract Law of the PRC. Pingtan strives to comply with the laws of all other jurisdictions that have approved its fishing operations, as well as other relevant international laws.
Pingtan is currently assessing the potential impact of this incident on its business and prospects. The Company intends to take appropriate measures to protect its interests and the interests of its shareholders. Pingtan is also reviewing its options to seek removal from the SDN List.
Pingtan Marine Enterprise Ltd. is a fishing company primarily engaged in ocean fishing through its subsidiary based in the PRC. The Company conducts marine fishing operations in international waters with owned or licensed vessels.
This press release contains forward-looking statements within the meaning of applicable securities laws. These statements involve risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
PureRock Communications Limited
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SOURCE Pingtan Marine Enterprise Ltd.