<SEC-DOCUMENT>0001437749-21-013421.txt : 20210526
<SEC-HEADER>0001437749-21-013421.hdr.sgml : 20210526
<ACCEPTANCE-DATETIME>20210526161552
ACCESSION NUMBER:		0001437749-21-013421
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210525
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210526
DATE AS OF CHANGE:		20210526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Yunhong CTI Ltd.
		CENTRAL INDEX KEY:			0001042187
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED RUBBER PRODUCTS, NEC [3060]
		IRS NUMBER:				362848943
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23115
		FILM NUMBER:		21966150

	BUSINESS ADDRESS:	
		STREET 1:		22160 N PEPPER RD
		CITY:			BARRINGTON
		STATE:			IL
		ZIP:			60010
		BUSINESS PHONE:		8473821000

	MAIL ADDRESS:	
		STREET 1:		22160 N PEPPER RD
		CITY:			BARRINGTON
		STATE:			IL
		ZIP:			60010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CTI INDUSTRIES CORP
		DATE OF NAME CHANGE:	19970710
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ctib20210526_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Washington, D.C. 20549</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Date of Report (Date of earliest event reported): May 25, 2021</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>YUNHONG CTI LTD.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Exact name of registrant as specified in charter)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Illinois</b></p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>000-23115</b></p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>36-2848943</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(State or other jurisdiction</p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Commission</p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(IRS Employer</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">of incorporation)</p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">File Number)</p>
			</td>
			<td style="vertical-align: middle; width: 2%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Identification No.)</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>22160 N. Pepper Road Lake Barrington, IL 60010</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Address of principal executive offices) (Zip Code)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(847) 382-1000</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Registrant&#8217;s telephone number, including area code)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Former name or former address, if changed since last report)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<td style="vertical-align: top; width: 97%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<td style="vertical-align: top; width: 97%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9744;</p>
			</td>
			<td style="vertical-align: top; width: 97%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
		</tr>
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			<td style="vertical-align: top; width: 97%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9744;</p>
			</td>
			<td style="vertical-align: top; width: 97%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
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			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 97%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9744;</p>
			</td>
			<td style="vertical-align: top; width: 97%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Title of each class</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Trading Symbol(s)</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 33%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Name of each exchange on which registered </b></p>
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			<td style="vertical-align: top; width: 33%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Common Stock</p>
			</td>
			<td style="vertical-align: top; width: 1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 32%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">CTIB</p>
			</td>
			<td style="vertical-align: top; width: 1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 33%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">The Nasdaq Stock Market LLC</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(The Nasdaq Capital Market)</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Emerging growth company &#9744;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>Item</b>&nbsp;<b>3.01 &#8211;&nbsp;&nbsp; &nbsp; Notice of</b>&nbsp;<b>Delisting or</b>&nbsp;<b>Failure to</b>&nbsp;<b>Satisfy a</b>&nbsp;<b>Continued</b>&nbsp;<b>Listing Rule or</b>&nbsp;<b>Standard;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As previously reported in a Current Report on Form 8-K filed on December 28, 2020, Yunhong CTI Ltd. (the &#8220;Company&#8221;), received a notice (the &#8220;Noncompliance Notice&#8221;) of failure to satisfy a continued listing standard from Nasdaq under Listing Rule 5550(b)(1) (the &#8220;Listing Rule&#8221;). The Noncompliance Notice indicated that the Company failed to meet the minimum equity standard of $2,500,000, since the Company&#8217;s Form 10-Q for the period ended September 30, 2020 disclosed shareholders&#8217; equity of $1,733,013. The Company had 45 days to submit a plan to regain compliance and timely submitted its plan, resulting in Nasdaq granting up to 180 calendar days from the date of the Noncompliance Notice to evidence compliance and to avoid the eventual de-listing of the Company&#8217;s common stock, ticker symbol &#8220;CTIB&#8221;, from Nasdaq.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On May 25, 2021, the Company received a notice (the &#8220;Compliance Notice&#8221;) from Nasdaq confirming that, based on the Company&#8217;s Quarterly Report on Form 10-Q for the period ending March 31, 2021, filed on May 24, 2021, reporting stockholders&#8217; equity of $3,823,035, Nasdaq has determined that the Company is in compliance with the Listing Rule, and that Nasdaq considers the matter closed.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The foregoing summaries of the Noncompliance Notice and the Compliance Notice are qualified in their entirety by the text of the Noncompliance Notice and the Compliance Notice, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item No. 9.01 </b>&#8211;<b> Financial Statements and Exhibits</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Exhibit No.</u></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Exhibit</u></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">99.1</p>
			</td>
			<td style="vertical-align: middle; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1042187/000143774920025976/ctib20201228_8k.htm" style="-sec-extract:exhibit;"><u>Notice from Nasdaq, dated December 21, 2020 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K dated December 28, 2020)</u></a></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">99.2</p>
			</td>
			<td style="vertical-align: middle; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_253365.htm" style="-sec-extract:exhibit;"><u>Notice from Nasdaq, dated May 25, 2021</u></a></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SIGNATURE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:38pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Date: May 26, 2021</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>YUNHONG CTI LTD.</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
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			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 47%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>/s/ Jennifer Connerty</i></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Jennifer Connerty</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chief Financial Officer</p>
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<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>ex_253365.htm
<DESCRIPTION>EXHIBIT 99.2
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"><b>Exhibit 99.2</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NASDAQ REGULATION</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sent via Electronic Delivery to: jconnerty@ctiindustries.com</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">May 25, 2021</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ms. Jennifer Connerty</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chief Financial Officer</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Yunhong CTI, Ltd.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">22160 N. Pepper Road</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lake Barrington, IL 60010</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Re: Yunhong CTI Ltd. (the &#8220;Company&#8221;)</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dear Ms. Connerty:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On December 21, 2020, Staff notified the Company that it did not comply with the minimum $2.5 million stockholders&#8217; equity, or $35 million market value of listed securities, or $500,000 of net income from continuing operations requirements for The Nasdaq Capital Market set forth in Listing Rules 5550(b)(1), or 5550(b)(2), or 5550(b)(3) (the &#8220;Rules&#8221;), respectively. Based on the Company&#8217;s Form 10-Q for the period ended March 31, 2021 filed on May 24, 2021, evidencing stockholders&#8217; equity of $3,823,035, Staff has determined that the Company complies with the Rules and this matter is now closed.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If you have any questions, please contact me, at + 1 301 978 8072.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sincerely,</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Rachel Scherr</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Rachel Scherr</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Associate Director</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Nasdaq Listing Qualifications</p>

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