HAIKOU,
China, Oct. 1, 2022 /PRNewswire/ -- China
Pharma Holdings, Inc. (NYSE American: CPHI; the "Company")
today announced that on September 26,
2022, the Company received notification (the "Deficiency
Letter") from the NYSE AMERICAN LLC ("NYSE American") informing it
that the Company is not in compliance with certain NYSE American
continued listing standards (the "Listing Standards"). The
Deficiency Letter indicated that the Company's securities had been
selling for a low price per share for a substantial period of time
and, most recently, the average price of the Company's common stock
had been below $0.20 on a 30-day
average as of September 22, 2022.
Pursuant to Section 1003(f)(v) of the NYSE American Company Guide,
the NYSE American staff determined that the Company's continued
listing is predicated on it effecting a reverse stock split of its
common stock or otherwise demonstrating sustained price improvement
within a reasonable period of time, which the staff determined to
be no later than March 26, 2023. The
Company remains subject to the conditions set forth in the NYSE
American's letter dated June 15, 2022
for stockholders' equity noncompliance, as previously reported on
the Current Report on Form 8-K filed with the Securities and
Exchange Commission on June 22,
2022. The Company intends to regain compliance with the
Listing Standards by undertaking a measure or measures that are in
the best interests of the Company and its stockholders.
The Company's common stock will continue to be listed on the
NYSE American while it attempts to regain compliance with the
Listing Standards, subject to the Company's compliance with other
continued listing requirements. The NYSE American notification does
not affect the Company's business operations or its reporting
obligations under the Securities and Exchange Commission
regulations and rules and does not conflict with or cause an event
of default under any of the Company's material agreements.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. is a specialty pharmaceutical
company that develops, manufactures and markets a diversified
portfolio of products, focusing on conditions with high incidence
and high mortality rates in China,
including cardiovascular, CNS, infectious, and digestive diseases.
The Company's cost-effective business model is driven by market
demand and supported by new GMP-certified product lines covering
the major dosage forms. In addition, the Company has a broad and
expanding nationwide distribution network across all major cities
and provinces in China. The
Company's wholly-owned subsidiary, Hainan Helpson Medical &
Biotechnology Co., Ltd., is located in Haikou City, Hainan
Province. For more information about China Pharma Holdings,
Inc., please visit www.chinapharmaholdings.com. The Company
routinely posts important information on its website.
Forward-Looking Statements
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Any statements set forth above that are not historical facts
are forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties may
include, but are not limited to: the achievability of financial
guidance; success of new product development; unanticipated changes
in product demand; increased competition; downturns in the Chinese
economy; uncompetitive levels of research and development; and
other information detailed from time to time in the Company's
filings and future filings with the United States Securities and
Exchange Commission. The forward-looking statements made herein
speak only as of the date of this press release and the Company
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations, except as required by applicable law or
regulation.
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SOURCE China Pharma Holdings, Inc.