Aoxing Pharmaceutical Company, Inc. Receives Notice of Extension From NYSEMKT LLC
June 16 2014 - 7:26PM
Marketwired
Aoxing Pharmaceutical Company, Inc. Receives Notice of Extension
From NYSEMKT LLC
JERSEY CITY, NJ--(Marketwired - Jun 16, 2014) - Aoxing
Pharmaceutical Company, Inc. (NYSEMKT: AXN) ("Aoxing Pharma"),
a specialty pharmaceutical company focusing on research,
development, manufacturing, and distribution of narcotic,
pain-management, and addiction treatment pharmaceuticals,
previously announced that it had received notice from NYSEMKT LLC
that, based upon the financial statements contained in Aoxing
Pharma's Annual Report on Form 10-K for the year ended June 30,
2013 and its Quarterly Reports on Form 10-Q for the periods ended
September 30, 2013 and December 31, 2013, Aoxing Pharma is not in
compliance with the following sections of the NYSEMKT Company
Guide:
- Section 1003(a)(i) since it reported stockholders' equity of
less than $2,000,000 at December 31, 2013 and has incurred losses
from continuing operations and/or net losses in two of its three
most recent fiscal years ended June 30, 2013;
- Section 1003(a)(ii) since it reported stockholders' equity of
less than $4,000,000 at September 30, 2013 and has incurred losses
from continuing operations and/or net losses in three of its four
most recent fiscal years ended June 30, 2013;
- Section 1003(a)(iii) since it reported stockholders' equity of
less than $6,000,000 at June 30, 2013 and has incurred losses from
continuing operations and/or net losses in its five most recent
fiscal years then ended; and
- Section 1003(a)(iv) since it has sustained losses that are so
substantial in relation to its overall operations or its existing
financial resources, or its financial condition has become so
impaired that it appears questionable, in the opinion of the
NYSEMKT, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature.
The Company was afforded the opportunity to submit plans of
compliance to the Exchange. Based on the plans of compliance
submitted by the Company, the Exchange granted the Company an
extension until April 27, 2015 to regain compliance with Sections
1003(a)(i), 1003(a)(ii) and 1003(a)(iii). The Exchange also granted
the Company an extension until May 30. 2014 to regain compliance
with Section 1003(a)(iv).
On June 10, 2014, the Exchange notified the Company that the
period during which it will be permitted to regain compliance with
Section 1003(a)(iv) has been extended to June 30, 2014. The
Company will be subject to periodic review by the Exchange Staff
during the extension periods. Failure to make progress
consistent with the plans or to regain compliance with the listing
standards by the ends of the extension periods could result in the
Company being delisted from the NYSEMKT LLC.
About Aoxing Pharmaceutical Company, Inc. Aoxing Pharmaceutical
Company, Inc. is a US incorporated specialty pharmaceutical company
with its operations in China, specializing in research,
development, manufacturing and distribution of a variety of
narcotics and pain-management products. Headquartered in
Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest
and most advanced manufacturing facility in China for highly
regulated narcotic medicines. Its facility is one of the few GMP
facilities licensed for the manufacture of narcotic medicines by
the China State Food and Drug Administration (SFDA). Aoxing Pharma
has a joint venture collaboration with Johnson Matthey Plc to
produce and market narcotics and neurological drugs in China. For
more information, please visit: www.aoxingpharma.com.
CONTACT: Aoxing Pharmaceutical Company: 646-367-1747
investor.relations@aoxingpharma.com
Aoxing Pharmaceutical Company New (delisted) (AMEX:AXN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Aoxing Pharmaceutical Company New (delisted) (AMEX:AXN)
Historical Stock Chart
From Nov 2023 to Nov 2024
