WUHAN CITY, China, July 12,
2019 /PRNewswire/ -- Biqi International Holdings
Corporation (NASDAQ:BIQI) ("Biqi" or the "Company"), a producer of
breeder hogs, market hogs and black hogs, as well as specialty
processed black hog pork products sold through retail outlets and
the internet, today announced that on July
8, 2019, the Company received notice (the " Minimum Bid
Price Deficiency Notice") from The NASDAQ Stock Market LLC
("NASDAQ") indicating that its Common Shares did not meet the
continued listing requirement as set forth in Listing Rule
5550(a)(2) based on the closing bid price of the Common Shares for
the preceding 30 business days.
Under Listing Rule 5810(c)(3)(A), the Company received a
180-calendar day grace period from the date of the Minimum Bid
Price Deficiency Notice to regain compliance by meeting the
continued listing standard of a minimum closing bid price of at
least $1.00 per share for 10
consecutive business days during the 180-calendar day grace period
ending on January 6, 2020.
In accordance with Listing Rule 5810(c)(3)(A), in addition to
such initial grace period, the Company could be afforded an
additional 180-calendar day compliance period, provided that on the
180th calendar day of the initial grace period, the Company (i) met
the applicable market value of publicly held shares requirement for
continued listing and all other applicable requirements for initial
listing on The NASDAQ Capital Market (except for the bid price
requirement) and (ii) notified NASDAQ of its intent to cure the
minimum bid price deficiency.
Additionally, in a press release issued on May 9, 2019, it was announced that on
May 6, 2019 the Company received a
letter (the "Failure to File Notice") from NASDAQ stating that,
because it had not yet filed its Annual Report on Form 20-F for the
year ended December 31, 2018 (the
"Form 20-F"), it was no longer in compliance with Listing Rule
5250(c)(1), which requires listed companies to timely file all
required periodic financial reports with the Securities and
Exchange Commission. The Failure to File Notice stated that the
Company had until May 20, 2019 to
submit to NASDAQ a plan to regain compliance with the Listing Rule
5250(c)(1). In setting the May 20,
2019 deadline for submitting a plan of compliance, the
NASDAQ Staff determined to apply more stringent criteria and
shorten the normal time period for the Company to submit its plan.
The Failure to File Notice stated that if NASDAQ accepted the
Company's plan, then NASDAQ could grant the Company up to 180 days
from the prescribed due date for filing the Form 20-F to regain
compliance.
On May 20, 2019, the Company
submitted its plan for compliance for filing the delinquent Form
20-F in which it undertook to file the Form 20-F by July 31, 2019.
On July 10, 2019, the Company
received a letter (the "Delisting Notice") from NASDAQ advising the
Company that its Staff had determined to deny the Company's request
for an extension of time to file its
Annual Report on Form 20-F for the year ended
December 31, 2018 and to delist the
Company's Common Shares for failing to comply with Listing Rule
5250(c)(1). In addition, the Delisting Notice stated that
conflicting public disclosures in the Company's SEC reports had
created a lack of clarity regarding the composition of its Board of
Directors, as well as its executive management, raising significant
concerns regarding the governance of the Company, which the Staff
believed constituted a separate and discrete basis for delisting in
the exercise of the discretionary authority granted to the Staff by
Listing Rule 5101. Listing Rule 5101 states, in part, that NASDAQ
"...has broad discretionary authority over the initial and
continued listing of securities in NASDAQ in order to maintain the
quality of and public confidence in its market, to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and to protect investors and the
public interest. NASDAQ may use such discretion to deny initial
listing, apply additional or more stringent criteria for the
initial or continued listing of particular securities, or suspend
or delist particular securities based on any event, condition, or
circumstance that exists or occurs that makes initial or continued
listing of the securities on NASDAQ inadvisable or unwarranted in
the opinion of NASDAQ, even though the securities meet all
enumerated criteria for initial or continued listing on
NASDAQ."
The Notice stated that unless the Company requested an appeal of
the Staff's determination to delist its Common Shares, trading of
the Common Shares will be suspended at the opening of business on
July 19, 2019, and a Form 25-NSE will
be filed with the SEC, which will remove the Company's securities
from listing and registration on The Nasdaq Stock Market.
The Company intends to request a hearing with a Hearings Panel
at NASDAQ to appeal the delisting determination and to request a
stay of the trading suspension pending the outcome of the hearing.
In addition, the Company will submit a plan of compliance to regain
compliance with Nasdaq's requirements for continued listing of the
Company's Common Shares with its request for a hearing. However,
there can be no assurance that the Company will be able to regain
compliance with such requirements.
About Biqi International Holdings Corp.
Biqi International Holdings Corp. is in the business of
breeding, raising and selling breeder and market hogs in
China. The Company also sells
specialty processed black hog pork products through supermarkets
and other retail outlets, as well as the internet.
Forward-Looking Statements
This news 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. These statements are subject to
uncertainties and risks including, but not limited to, product
demand and acceptance, changes in technology, economic conditions,
the impact of competition and pricing, government regulations, and
other risks contained in reports filed by the company with the
Securities and Exchange Commission. All such forward-looking
statements, whether written or oral, and whether made by or on
behalf of the Company, are expressly qualified by this cautionary
statement and any other cautionary statements which may accompany
the forward-looking statements. In addition, the Company disclaims
any obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
View original
content:http://www.prnewswire.com/news-releases/biqi-international-holdings-corp-receives-nasdaq-notification-of-non-compliance-with-listing-rules-300884122.html
SOURCE Biqi International Holdings Corporation