Borqs Technologies Receives Delisting Notice From Nasdaq And Intends To Request For A Hearing To Appeal The Delisting Decisio...
November 19 2019 - 4:15PM
Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global
leader in embedded software and products for the Internet of Things
(IoT) industry, announces that on November 13, 2019, the Company
received a notice from the Staff of the Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the Company is not in compliance with Nasdaq
Listing Rule 5250(c)(1) because it did not file its Annual Report
on Form 20-F for the fiscal year ended December 31, 2018 by
November 11, 2019, the extended deadline previously approved by the
Staff for filing such report. Therefore, the Company’s ordinary
shares may be subject to delisting from The Nasdaq Capital Market
unless the Company timely requests a hearing before a Nasdaq
Hearings Panel (the “Panel”).
The Company intends to appeal the Staff’s
determination and regain compliance with the applicable Nasdaq
listing requirements by the time it completes the appeal process.
However, there can be no assurance that the Company will be able to
satisfy the applicable listing requirements. The request for a
hearing will automatically stay the suspension of the Company’s
securities for a period of 15 days from the date of the request.
The Company intends to request a further stay of the
suspension to remain in place until the hearing by the Panel takes
place and the Panel issues a decision; however, there can be no
assurance that such extended stay will be granted.
About Borqs Technologies,
Inc.
Borqs Technologies is a global leader in
software and products for the IoT, providing customizable,
differentiated and scalable Android-based smart connected devices
and cloud service solutions. Borqs has achieved leadership and
customer recognition as an innovative end-to-end IoT solutions
provider leveraging its strategic chipset partner relationships as
well as its broad software and IP portfolio. The Company designs,
develops and provides turnkey solutions across device form factors
such as smartphones, tablets, smartwatches, trackers, automotive
IVI, and vertical application devices (for restaurants, payments
etc.). For more information, please visit the Company’s
website (www.borqs.com).
Forward-Looking Statements and
Additional Information
This press release includes “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “expects”, “believes”, “anticipates”, “intends”,
“estimates”, “predicts”, “seeks”, “may”, “might”, “plan”,
“possible”, “should” and variations and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Such forward-looking statements
relate to future events or future results, based on currently
available information and reflect our management’s current beliefs.
Many factors could cause actual events or results to differ
materially from the events and results discussed in the
forward-looking statements, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouDirector of FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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