JIUQUAN, China, Feb. 23,
2023 /PRNewswire/ -- Qilian International Holding
Group Ltd (NASDAQ: QLI) ("Qilian" or the "Company"), a China-based pharmaceutical and chemical
products manufacturer, today announced it has received a notice of
non-compliance from Nasdaq Stock Market LLC ("Nasdaq") on
February 16, 2023 stating that, as a
result of not having timely filed its annual report on Form 20-F
for the year ended September 30,
2022, Qilian is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires timely filing of periodic financial
reports with the Securities and Exchange Commission. This notice
has no immediate effect on the listing or trading of Qilian's
ordinary shares on Nasdaq.
Under Nasdaq's listing rules, the Company has 60 calendar days
to submit a plan to regain compliance. If the plan is accepted by
Nasdaq, the Company can be granted up to 180 calendar days from the
Company's Form 20-F's filing due date, or until August 14, 2023, to regain compliance.
About Qilian International Holding Group Ltd
Qilian International Holding Group Ltd, headquartered in
Gansu, China, is a pharmaceutical
and chemical products manufacturer in China. It focuses on the development,
manufacture, marketing and sale of licorice products,
oxytetracycline products, traditional Chinese medicine derivatives
product, heparin product, sausage casings, and fertilizers. The
Company's products are sold in more than 20 provinces in
China. For more information, visit
the Company's website at http://ir.qlsyy.net.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; products demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China; the COVID-19 outbreak and
its impact on our operations and assumptions underlying or related
to any of the foregoing and other risks contained in reports filed
by the Company with the Securities and Exchange Commission. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For media enquiries, please contact: Yubin
Jiang, QLI@qlsyy.net.
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SOURCE Qilian International Holding Group Limited