BEIJING, Jan. 24, 2020 /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, today
announced that it has received a notice (the "Notice")
from the Nasdaq Stock Market ("Nasdaq") stating that
it had not been able to regain compliance with Nasdaq's
$2.5 million minimum stockholders'
equity requirement (the "Stockholders' Equity Requirement")
or the alternative criteria set forth in Nasdaq Listing Rule
5550(b) and that the Staff had determined to seek to delist the
Company's securities from Nasdaq unless the Company requests a
hearing before the Nasdaq Hearings Panel (the "Panel").
Nasdaq Listing Rule 5550(b) requires the Company maintain either:
(1) stockholders' equity of $2.5
million; or (2) market value of listed securities of
$35 million; or (3) net income from
continuing operations of $500,000 in
the most recently completed fiscal year or two of the last three
most recently completed fiscal years for continued listing on the
Nasdaq Capital Market.
The Company intends to request a hearing before the Panel by
January 28, 2020. Such request will
stay any suspension or delisting action by Nasdaq pending the
completion of the hearing process. There can be no assurance that
the Panel will grant the Company's request for additional time to
demonstrate compliance of continued listing requirement or that the
Company will be able meet the continued listing requirement during
any compliance period or in the future. If the Panel does not grant
the Company's request for additional time, its ordinary shares will
be subject to delisting and the liquidity and marketability of the
Company's ordinary shares would be adversely affected.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a delisting
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business
operation 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.
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.
SOURCE Huitao Technology Co., Ltd.