BEIJING, April 20, 2020 /PRNewswire/ -- Huitao Technology
Co., Ltd. ("HHT"), or the "Company," (NASDAQ CM: HHT)
a company which is in the process of disposing its legacy ready-mix
concrete materials to an innovative education service provider,
announced today that on April 16,
2020, it received a letter from the Nasdaq Stock Market LLC
("Nasdaq") informing it of a favorable decision from the
Nasdaq Hearings Panel (the "Panel") to grant the Company's
request for continued listing of the Company's ordinary shares on
the Nasdaq Capital Market.
At a hearing held on March 12,
2020, the Company appeared before the Panel to demonstrate
it has regained compliance with Nasdaq's stockholders' equity
requirement under Nasdaq Listing Rule 5550(b) (the "Equity
Requirement") following the completion of a number of
transactions previously announced. On April
16, 2020, the Panel confirmed that the Company had regained
compliance with the Nasdaq Stock Market's listing requirements.
Accordingly, the Panel determined to allow continued listing of the
Company's securities on the Nasdaq Capital Market.
Yang (Sean) Liu, Chairman and CEO
of HHT, stated, "Nasdaq's decision recognized the viability of our
strategy to focus on innovative education services. They also
took into account our financial strength. We are on track to
complete the disposal of our ready-mix concrete business by the end
of this month as previously planned. Going forward, we will be
fully focused on the online and offline education services in
multiple disciplines, which offer more growth opportunities and
will better reward our shareholders. We believe this is the
right path to establish HHT as a leading global business."
The Panel indicated that because of the Company's new business
model, it is appropriate to place the Company under a Panel Monitor
(the "Monitor") that shall last through April 15, 2021. Pursuant to that Monitor and as
provided in Nasdaq Listing Rule 5815(d)(4)(A), if at any time
during the monitor period the Company fails to maintain compliance
with any listing standard, Staff will issue a Staff Delisting
Determination and the Hearings Department will promptly schedule a
new hearing. The Company believes that it will be able to remain in
compliance with all of the Nasdaq Capital Market's continued
listing requirements.
About Huitao Technology Co., Ltd.
Huitao Technology is a holding company whose primary business is
currently undergoing a shift to a dedicated education services
provider, offering both online and offline innovative education
services. Its business operations are conducted through its
wholly-owned subsidiaries CACM Group NY, Inc. ("CACM"),
Sunway Kids International Education Group Ltd. ("Sunway
Kids"), Xin Ao Construction Materials, Inc., Beijing Ao Hang
Construction Materials Technology Co., Ltd., Brave Millennium
Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and
its variable interest entities, Beijing Xin Ao Concrete Group and
Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids
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 (SaaS) system and personalized education planning. Through
Baytao LLC, a newly formed joint venture, the Company also
anticipates providing tutoring programs in New York which includes online learning via a
platform being built by CACM. For more information, please visit
http://www.china-acm.com.
Safe Harbor / 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: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on HHT's operations, the demand
for the HHT's products and services, global supply chains and
economic activity in general. These and other risks and
uncertainties are detailed in the other public filings with the
Securities and Exchange Commission (the "SEC") by HHT.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year ended June 30,
2019. HHT's SEC filings are available publicly on the SEC's
website at www.sec.gov. HHT disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Huitao Technology Co., Ltd.