Jan 25, 2020 (China Money Network via COMTEX) — BEIJING, Jan. 25, 2020 /PRNewswire/ — Huitao Technology Co., Ltd. HHT, -3.50% (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),