Form 8-K - Current report
July 14 2023 - 4:01PM
Edgar (US Regulatory)
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0001422892
2023-07-10
2023-07-10
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 10, 2023
SINGULARITY FUTURE TECHNOLOGY LTD. |
(Exact name of registrant as specified in its charter) |
Virginia |
|
001-34024 |
|
11-3588546 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
98 Cutter Mill Road
Suite 322
Great Neck, NY 11021 |
|
|
(Address of principal executive offices) (Zip Code) |
|
Registrant’s telephone number, including
area code: (718) 888-1814
Not Applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant
to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
Common stock, no par value |
|
SGLY |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 13, 2023, Singularity Future Technology
Ltd. (the “Company” or the “Registrant”) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”)
stating that the Company no longer complies with Nasdaq’s independent director and audit committee requirements under Nasdaq’s
Listing Rule 5605 following the resignation of Tieliang Liu from the Company’s board of directors and audit committee effective
July 3, 2023. Nasdaq advised the Company that in accordance with Nasdaq’s Listing Rule 5605(c)(4), the Company has a cure period
to regain compliance (1) until the earlier of the Company’s next annual shareholders’ meeting or July 3, 2024; or (2) if the
next annual shareholders’ meeting is held before January 2, 2024, then the Company must evidence compliance no later than January
2, 2024 (the “Cure Period”). The Company intends to regain compliance with Nasdaq’s Listing Rule 5605 prior to the end
of the Cure Period.
On July 13, 2023, the Company received a notice
from Nasdaq stating that the Company failed to regain compliance with respect to the minimum $1 bid price per share requirement under
Nasdaq Listing Rules during the 180 calendar days given by Nasdaq for the Company to regain compliance, which ended on July 5, 2023. However,
Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until January 2, 2024, to regain compliance.
Such determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all
other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
The Company intends to regain compliance with Nasdaq’s bid price requirement prior to the end of the second bid price extension.
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers
On July 10, 2023, Company terminated the employment
of its Chief Operating Officer Shan Jing with cause. The termination was effective immediately.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this report that are not
historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial
or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,”
“will,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions
that concern the Company’s expectations, strategy, plans or intentions. Such forward-looking statements may relate to, among other
things, the Company’s continued efforts and ability to regain and maintain compliance with the Nasdaq Listing Rules. Such
forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties.
Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to a variety of factors,
including: any decision by the Nasdaq Hearing Panel to reconsider the terms of the listing exception based on new events or changes in
circumstances, including without limitation non-compliance with the Listing Rules.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 14, 2023 |
Singularity Future Technology Ltd. |
|
|
|
|
By: |
/s/ Ziyuan Liu |
|
Name: |
Ziyuan Liu |
|
Title: |
Chief Executive Officer |
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