China XD Plastics Company Limited Receives Nasdaq Delisting Letter and Announces Intended Appeal
10 Settembre 2021 - 10:30PM
China XD Plastics Company Limited (Nasdaq: CXDC, the “Company”)
today announced that it received a letter (the “Letter”) from the
Listing Qualifications Department of the Nasdaq Stock Market
(“Nasdaq”) indicating that Nasdaq’s staff (the “Staff”) has
determined to deny the Company’s request for continued listing on
Nasdaq.
The Company intends to request a hearing before
a Nasdaq Hearings Panel no later than September 14, 2021 to seek an
exception period in which to complete its filings and thereby
regain compliance with listing standards. The Company's request for
a hearing will automatically suspend the delisting of its common
stock for 15 calendar days from the deadline to request a hearing,
or until September 29, 2021.
The Letter, dated September 7, 2021, states that
the Staff has notified the Company on April 16, 2021 that it did
not comply with Nasdaq’s filing requirements for continued
inclusion set forth in Listing Rule 5250(c)(1) (the “Rule”) because
it had not filed its Form 10-K for the fiscal year ended December
31, 2020 and notified the Company through subsequent additional
delinquency notifications for failing to file its Forms 10-Q for
the periods ended March 31, 2021 and June 30, 2021. The Company
submitted materials to Nasdaq relating to its plan to regain
compliance (the “Submission”). Based on the Staff’s review and the
Submission, in addition to a telephone discussion on July 26, 2021,
the Staff has determined that the Company did not provide a
definitive plan evidencing its ability to achieve compliance with
the Rule.
If the Company files all of its delinquent
reports and regains compliance prior to a hearing before the Nasdaq
Hearings Panel, then the Company's common stock would continue
trading on Nasdaq. There can be no assurance that the Company will
be able to file its delinquent reports prior to a hearing before
the Panel or that the Panel will grant the Company a stay of
delisting or additional time to regain compliance.
Hearings are typically held within 30 to 45
calendar days from the date of request and the Hearings Panel
generally issues a written decision approximately 35 days after the
hearing. If the Panel's decision is unfavorable, the Company also
has the option to appeal the decision to the Nasdaq Listing and
Hearing Review Council within 15 calendar days of the Panel's
decision.
About China XD Plastics
Company Limited
China XD Plastics Company Limited, through its
wholly-owned subsidiaries, develops, manufactures, and sells
polymer composites materials, primarily for automotive
applications. The Company’s products are used in the exterior and
interior trim and in the functional components of 31 automobile
brands manufactured in China, including without limitation, Audi,
Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford,
Citroen, Jinbei, VW Passat, Golf, and Jetta. The Company’s
wholly-owned research center is dedicated to the research and
development of polymer composites materials and benefits from its
cooperation with well-known scientists from prestigious
universities in China. As of March 31, 2021, 688 of the Company’s
products have been certified for use by one or more of the
automobile manufacturers in China. For more information, please
visit the Company’s English website at http://chinaxd.irpass.com/,
and the Chinese website at http://www.xdholding.com.
Contacts:China XD Plastics Co.,
Ltd.
Ms. Chang Yi, Investor Relations
Phone: +1 (212) 747-1118Email:
cxdc@chinaxd.net
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