XI'AN, China, Oct. 14, 2016 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today announced that on October 12, 2016, the Company received a
delisting determination letter (the "Determination Letter") from
the staff of the Listing Qualifications Department of The NASDAQ
Stock Market LLC ("NASDAQ"). The Determination Letter notified the
Company that since it had not filed its Annual Report on Form 10-K
for the fiscal year ended December 31,
2015 and its Quarterly Reports on Form 10-Q for the
quarterly periods ended March 31,
2016 and June 30, 2016,
respectively, (together, the "Reports") by October 11, 2016, the deadline by which the
Company was to file all Reports in order to regain compliance with
NASDAQ Listing Rule 5250(c)(1), the Company's common stock is
subject to delisting from The NASDAQ Global Market.
The Determination Letter further noted that unless the Company
requested an appeal of the Staff's determination no later than
4:00 pm Eastern Time on October 19, 2016, trading of the Company's common
stock on The NASDAQ Global Market will be suspended at the opening
of business on October 21, 2016, and
a Form 25-NSE would be filed with the Securities and Exchange
Commission (the "SEC") removing the Company's securities from
listing and registration on The NASDAQ Stock Market.
The Company intends to timely request a hearing before the
NASDAQ Hearings Panel (the "Panel") under Listing Rule 5815(a) to
present its plan to regain compliance with the rule, which request will automatically stay
the delisting of the Company's securities for 15 calendar days from
the deadline to request a hearing. In connection with its request
for a hearing, the Company also intends to request a further stay
of the suspension of trading and delisting of the Company's common
stock while the appeals process is pending. The Panel will notify
the Company of its decision if it will allow the Company's common
stock to continue to trade on The NASDAQ Global Market pending the
Panel's decision. The Panel may, at its discretion, determine to
continue the Company's listing pursuant to an exception to
Listing Rule 5815(a) for a maximum
of 360 calendar days from the due date of the Form 10-K, which
would be through April 9, 2017;
however, there can be no assurance that the Panel will grant any or
all of such exception.
As previously disclosed, on each of April
20, 2016, May 24, 2016 and
August 17, 2016, the Company received
a notification letter from the staff of the Listing Qualifications
Department of NASDAQ indicating that the Company was not in
compliance with NASDAQ's continued listing requirements because the
Company was not in compliance with NASDAQ Listing Rule 5250(c)(1)
with respect to the Form 10-K and Form 10-Q Reports.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 73.42% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd.
("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together
with their operating subsidiaries in China, are engaged in the production and sales
of fruit juice concentrates, fruit beverages, and other fruit
related products in the PRC and overseas markets. The Company's
fruit juice concentrates are sold to domestic customers and
exported directly or via distributors. Fruit juice concentrates are
used as a basic ingredient component in the food industry. Its
brands, "Hedetang" and "SkyPeople," which are registered trademarks
in the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages. For more information, please visit
http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2014 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
For more information, please contact:
Cindy Liu, Investor
Relations Manager
|
SkyPeople Fruit
Juice, Inc.
|
Tel:
China +86-29-8837-7161
|
Email:
skypeople_annie@163.com
|
Web:
http://www.skypeoplefruitjuice.com
|
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SOURCE SkyPeople Fruit Juice, Inc.