HARBIN, China, Jan. 17, 2020 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the
"Company"), one of China's leading
specialty chemical companies engaged in the development,
manufacture and sale of polymer composite materials primarily for
automotive applications, today announced that it has received the
formal notification from the Listing Qualifications Department of
The NASDAQ Stock Market ("NASDAQ"), informing the Company that
since the Company filed its definitive proxy statement with the SEC
on January 14, 2020, and set
February 11, 2020 as the date for its
annual meeting of shareholders for the fiscal year ended
December 31, 2018, it has been
granted an extension until February 18,
2020, to regain compliance with Listing Rule 5620(a) (the
"Rule"), which requires that the Company hold an annual meeting of
shareholders within twelve months of the end of the Company's
fiscal year end.
On January 2, 2020, the Company
received a notice of non-compliance from NASDAQ, which informed the
Company of its non-compliance with NASDAQ Listing Rule 5620(a). As
part of the Company's compliance plan, the Company filed its
definitive proxy statement with the SEC on January 14, 2020 for its annual meeting of
shareholders for the fiscal year ended December 31, 2018 to be held on February 11, 2020.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 31 automobile brands manufactured in
China, including without
limitation, AUDI, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei
and VW Passat, Golf, Jetta, etc. The Company's wholly-owned
research center is dedicated to the research and development of
polymer composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of September
30, 2019, 601 of the Company's products have been certified
for use by one or more of the automobile manufacturers in
China. For more information,
please visit the Company's English website at
http://www.chinaxd.net, and the Chinese website at
http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospect of the Company's
Dubai facility, and the associated
expansion into Middle East,
Europe and other parts of
Asia; the prospect of the
Company's Southwest China
facility, the prospects of the Company's Harbin facility, and its penetration into
Northeast China; and its
penetration into Southwest China;
the Company's projections of its revenues for performance in fiscal
2019. These forward-looking statements can be
identified by terminology such as "will," "expect," "project,"
"anticipate," "forecast," "plan," "believe," "estimate" and similar
statements. Forward-looking statements involve inherent risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. 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,
the global economic uncertainty could further impair the automotive
industry and limit demand for our products; fluctuations in
automotive sales and production could have a material adverse
effect on our results of operations and liquidity; our financial
performance may be affected by the prospect of our Dubai facility and the associated expansion
into Middle East, Europe and other parts of Asia; the withdrawal of preferential
government policies and the tightening control over the Chinese
automotive industry and automobile purchase restrictions imposed in
certain major cities may limit market demand for our products; the
slowing of Chinese automotive industry's growth; the concentration
of our distributors, customers and suppliers; and other risks
detailed in the Company's filings with the Securities and Exchange
Commission and available on its website at http://www.sec.gov. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although the Company believes that the expectations
expressed in these forward looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results.
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SOURCE China XD Plastics Company Limited