ZHENJIANG, China, Nov. 22, 2018 /PRNewswire/ -- Delta Technology
Holdings Limited ("Delta" or "the Company") (NASDAQ:
DELT) announced today that on November 19, 2018, the Company received a
notification letter from the Nasdaq Listing Qualifications Staff of
The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company
that it is no longer in compliance
with the minimum stockholders' equity requirement for continued
listing on the Nasdaq Capital Market set forth in Nasdaq Listing
Rule 5550(b)(1) (the "Nasdaq Listing Rules"). The Nasdaq Listing
Rules requires listed companies to maintain stockholders' equity of
at least $2.5 million. In the
Company's Form 20-F for the period ended June 30, 2018, the Company reported a negative
stockholders' equity of approximately $22
million, which is below the minimum stockholders' equity
required for continued listing pursuant to the Nasdaq Listing
Rules.
The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Nasdaq has provided the
Company with 45 calendar days, or until January 3, 2018, to submit a plan to regain
compliance with the minimum stockholders' equity standard. If the
Company's plan to regain compliance is accepted, Nasdaq may grant
an extension of up to 180 calendar days from the date of the
notification letter, or until May 18,
2019, to evidence compliance.
The Company, by filing this press release, discloses its receipt
of the notification from Nasdaq in accordance with Nasdaq Listing
Rule 5810(b).
About Delta Technology Holdings Ltd.
Founded in 2007, Delta is a leading China-based fine and specialty chemical
company producing and distributing organic compound including
para-chlorotoluene ("PCT"), ortho-chlorotoluene ("OCT"), PCT/OCT
downstream products, and other by-product chemicals. The end
application markets of the Company's products include Automotive,
Pharmaceutical, Agrochemical, Dye & Pigments, Aerospace,
Ceramics, Coating-Printing, Clean Energy and Food Additives. The
Company is in the process of launching a tea shop chain under the
brand Mingyuntang in China as part of the Company's efforts to
explore new business lines outside of its specialty chemical
business.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements preceded or followed by
or that otherwise include the words "believes," "expects,"
"anticipates," "intends," "projects," "estimates," "plans," and
similar expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. Forward-looking statements in
this release also include statements about business and economic
trends. Investors should also consider the areas of risk described
under the heading "Forward Looking Statements" and those factors
captioned as "Risk Factors" in CIS's periodic reports under the
Securities Exchange Act of 1934, as amended, or in connection with
any forward-looking statements that may be made by CIS.
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SOURCE Delta Technology Holdings Limited