HAIKOU, China, Sept. 12, 2017 /PRNewswire/ -- China Pharma
Holdings, Inc. (NYSE American: CPHI)
(the "Company") today announced receipt of notification (the
"Deficiency Letter") from the NYSE AMERICAN LLC ("NYSE American")
that the Company is not in compliance with certain NYSE American
continued listing standards or the Listing Standards. The
Deficiency Letter indicated that the Company's securities have been
selling for a low price per share for a substantial period of time
and, most recently, the average price of the Company's common stock
had been below $0.20 on a 30-day
average as of September 5,
2017. Pursuant to
Section 1003(f)(v) of the NYSE American Company Guide, the NYSE
American staff determined that the Company's continued listing is
predicated on it effecting a reverse stock split of its common
stock or otherwise demonstrating sustained price improvement within
a reasonable period of time, which the staff determined to be until
March 6, 2018. The Company intends to
regain compliance with the Listing Standards by undertaking a
measure or measures that are in the best interests of the Company
and its shareholders.
The Company's common stock will continue to be listed on the
NYSE American while it attempts to regain compliance with the
Listing Standards, subject to the Company's compliance with other
continued listing requirements. The NYSE American notification does
not affect the Company's business operations or its reporting
obligations under the Securities and Exchange Commission
regulations and rules and does not conflict with or cause an event
of default under any of the Company's material agreements.
About China Pharma Holdings, Inc.
Based in Haikou, Hainan Province, China, China Pharma Holdings, Inc. is a
publicly traded company engaged in the development, manufacture and
marketing of pharmaceutical products for human use in connection
with a variety of high-incidence and high-mortality diseases and
medical conditions. The Company offers its products through
distributors, as well as through its network of 16 sales offices
and approximately 1,000 sales representatives. For more
information, view the Company's website at
http://www.chinapharmaholdings.com. The Company routinely posts
important information on its website.
Forward-Looking Statements
The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may
prove not to have been accurate, including the Company's ability to
submit and execute on a plan to regain compliance with NYSE
American listing standards. The ability to execute a plan is
subject to a number of risks described in the company's documents
and reports filed from time to time with the Securities and
Exchange Commission, which reports are available from the Company
and the United States Securities and Exchange Commission ("SEC").
Other than required by applicable SEC regulations and rules, the
Company undertakes no obligation to update its forward-looking
statements.
Contact:
China Pharma Holdings, Inc.
Ms. Diana Na Huang,
CFA
Phone: +86-898-6681-1730 (China)
Email: hps@chinapharmaholdings.com
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SOURCE China Pharma Holdings, Inc.