XI'AN, China, Oct. 20, 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 it has requested
a hearing before the NASDAQ Hearings Panel to appeal the delisting
determination from the staff of the Listing Qualifications
Department of NASDAQ (the "NASDAQ Staff"). In response, Company has
received notification from the NASDAQ Stock Market that the
delisting of its common stock has been stayed for a period of 15
calendar days, or until November 3,
2016, and its hearing before the NASDAQ Hearings Panel has
been scheduled for December 15,
2016.
The delisting determination Letter, received on October
12, 2016, 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, 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.
On October 19, 2016, the Company
submitted a request for a hearing before the NASDAQ Hearings Panel
under Listing Rule 5815(a) to present its plan to regain compliance
with Rule 5250(c)(1). As the request will only stay the delisting
action for 15 calendar days from yesterday's deadline to request a
hearing, the Company also requested a further stay of the
suspension of trading and delisting of the Company's common stock
while its appeals process is pending with the NASDAQ Hearings
Panel.
Subsequent to the Company's request for a hearing and the
extension of the stay, a Hearings Advisor for the NASDAQ Stock
Market notified the Company that the delisting action referenced in
the NASDAQ Staff's determination letter has been stayed for a
period of 15 calendar days, or until November 3, 2016. Upon expiration of the stay
period, the Company's shares will be suspended from trading unless
the NASDAQ Hearings Panel grants an
extension of the stay pending the hearing. The Company will be
notified of the NASDAQ
Hearings Panel's determination whether to grant an extended
stay before the expiration of the 15-day stay period.
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:
COMPANY
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/skypeoples-request-for-an-appeal-hearing-is-affirmed-by-nasdaq-300348401.html
SOURCE SkyPeople Fruit Juice, Inc.