BEIJING, Nov. 21, 2019 /PRNewswire/ -- Huitao
Technology Co., Ltd. (NASDAQ CM: HHT) (the "Company" or
"HHT"), a construction company engaging in the production of
advanced construction materials for large scale infrastructure,
commercial and residential developments, announced today that on
November 18, 2019, the Company
received a notification letter from the Nasdaq Listing
Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq")
notifying the Company that it is no longer in compliance with the
minimum stockholders' equity requirement for continued listing on
the Nasdaq Capital Market set forth in Nasdaq Listing Rule
5550(b)(1) (the "Nasdaq Listing Rules"). The Nasdaq Listing Rules
requires listed companies to maintain stockholders' equity of at
least $2.5 million. In the Company's
Form 20-F for the period ended June 30,
2019, the Company reported a stockholders' equity of
approximately $0.5 million, which is
below the minimum stockholders' equity required for continued
listing pursuant to the Nasdaq Listing Rules.
The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Nasdaq has provided the
Company with 45 calendar days, or until January 2, 2020, to submit a plan to regain
compliance with the minimum stockholders' equity standard. If the
Company's plan to regain compliance is accepted, Nasdaq may grant
an extension of up to 180 calendar days from the date of the
notification letter, or until May 16,
2019, to evidence compliance.
The Company, by filing this press release, discloses its receipt
of the notification from Nasdaq in accordance with Nasdaq Listing
Rule 5810(b).
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business
operations are conducted through its wholly-owned subsidiaries Xin
Ao Construction Materials, Inc. and Beijing Ao Hang Construction
Materials Technology Co., Ltd., and our variable interest entity,
Beijing Xin Ao Concrete Group and its subsidiaries. The Company
engages in the production of advanced construction materials for
large scale infrastructure, commercial and residential
developments. The Company is primarily focused on engineering,
producing, servicing, delivering and pumping a comprehensive range
of advanced ready-mix concrete materials for highly technical,
large scale, and environmentally-friendly construction projects.
Ready-mixed concrete products are important building materials that
are used in a vast majority of commercial, residential and public
works construction projects. We are committed to conducting our
operations with an emphasis on the extensive use of recycled waste
materials, extending product life, the efficient production of our
concrete materials with minimal energy usage, minimal dust and air
pollution, and innovative products, methods and practices. For more
information, please visit http://www.china-acm.com.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and HHT's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the occurrence of any event, change or other
circumstances that could give rise to the terms of the LOI not
hereafter being memorialized in a definitive agreement; the outcome
of any legal proceedings that have been, or will be, instituted
against HHT or other parties to the LOI following announcement of
the LOI and transactions contemplated therein; the ability of HHT
to meet NASDAQ listing standards following the transaction and in
connection with the consummation thereof; the inability to complete
the transactions contemplated by the LOI due to the failure to
obtain approval of the stockholders of HHT or other closing
conditions to; risks that the proposed transaction disrupts current
plans and operations and the potential difficulties in employee
retention as a result of the announcement of the LOI and
consummation of the transaction described therein; costs related to
the proposed acquisition; changes in applicable laws or
regulations; the ability of the combined company to meet its
financial and strategic goals, due to, among other things,
competition, the ability of the combined company to grow and manage
growth profitability, maintain relationships with customers and
retain its key employees; the possibility that the combined company
may be adversely affected by other economic, business, and/or
competitive factors; and other risks and uncertainties described
herein, as well as those risks and uncertainties discussed from
time to time in other reports and other public filings with the
Securities and Exchange Commission (the "SEC") by HHT.
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SOURCE Huitao Technology Co., Ltd.