BEIJING, Sept. 12, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced that it received a
delisting determination letter (the "Delisting Determination") from
the staff of Nasdaq Listing Qualifications (the "Staff") setting
forth a determination to delist the Company's American Depositary
Shares (the "ADSs") from The Nasdaq Stock Market (the "Nasdaq") as
a result of the Company's failure to file its Form 20-F for the
year ended December 31, 2018,
pursuant to the Nasdaq's filing requirement set forth in its
Listing Rule 5250(c)(1), and to timely disclose certain information
relating to an investment made by the Company, pursuant to the
Nasdaq's disclosure requirement set forth in its Listing Rule
5250(b)(1).
The Delisting Determination stated that unless the Company
requests an appeal of the Staff's determination to delist the
Company's ADSs, trading of the ADSs will be suspended at the
opening of business on September 17,
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. After due deliberation, the Company does not intend
to appeal the Delisting Determination by requesting a hearing
before a hearings panel. After the Company is delisted from the
Nasdaq, its ADSs may be traded over-the-counter on the OTC Bulletin
Board or in the "pink sheets" if one or more market makers seeks
and obtains approval by the Financial Industry Regulatory Authority
to continue quoting in the Company's ADSs. Many over-the-counter
stocks trade less frequently and in smaller volumes than securities
traded on the Nasdaq, which would likely have a material adverse
effect on the liquidity and value of the Company's ADSs.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a Staff
delisting determination.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. For
more information, please visit www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. TechFaith may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, among others, and in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about TechFaith's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, those
risks outlined in TechFaith's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
TechFaith does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE China TechFaith Wireless Technology Limited