BEIJING, March 7, 2020 /PRNewswire/ -- Huitao
Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or
"Huitao"), a company primarily focused on engineering, producing,
servicing, delivering and pumping a comprehensive range of advanced
ready-mix concrete materials for construction projects, announced
today that on March 5, 2020, the
Company received a notification letter from the Nasdaq Listing
Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq")
notifying the Company that the minimum bid price per share for its
ordinary shares has been below $1.00
for a period of 30 consecutive business days and the Company
therefore no longer meets the minimum bid price requirements set
forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's ordinary shares on Nasdaq. Under the Nasdaq
Listing Rules, the Company has until September 1, 2020 to regain compliance. If at any
time during such 180-day period the closing bid price of the
Company's ordinary shares is at least $1 for a minimum of 10 consecutive business days,
Nasdaq will provide the Company written confirmation of
compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
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., Beijing Ao Hang Construction
Materials Technology Co., Ltd., Sunway Kids International Education
Group Ltd., Brave Millennium Limited, Chengdu Hengshanghui
Intelligent Technology Co., Ltd. and our variable interest
entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui
Education Consulting Co., Ltd. The Company engages in the
production of advanced construction materials for large scale
infrastructure, commercial and residential developments, 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. Through its newly
acquired subsidiaries, the Company also engages in the early
childhood education service business, providing a well-structured
system to day cares and preschools in China, including AI and robotic technologies,
intellectual campus administration software as a service system
(SAAS) and personalized online education courses. 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.
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SOURCE China Advanced Construction Materials Group, Inc.