JIANGSU, China, Oct. 12, 2018 /PRNewswire/ -- Delta Technology
Holdings Limited ("Delta" or "the Company"), (NASDAQ: DELT) announced today that on
September 14, 2018, the Company
received a notification letter from the Nasdaq Listing
Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq")
notifying the Company that the minimum bid price per share for its
common shares has been below $1.00
for a period of 30 consecutive business days and the Company
therefore no longer meets the minimum bid price requirements set
forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Under the Nasdaq Listing
Rules, the Company has until March 13,
2019 to regain compliance. If at any time during such
180-day period the closing bid price of the Company's common shares
is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the Company written
confirmation of compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
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, unsaturated polyester resin ("UPR"), maleic
acid ("MA") 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. Delta
has approximately 300 employees, 25% of whom are highly-qualified
experts and technical personnel. The Company serves more than 380
clients in various industries.
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
