Current Report Filing (8-k)
November 08 2019 - 4:34PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November
4, 2019
Future
FinTech Group Inc.
(Exact
name of registrant as specified in its charter)
Florida
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000-34502
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98-0222013
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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23F,
China Development Bank Tower,
No.
2, Gaoxin 1st Road, Xi'an, China 710075
(Address
of principal executive offices, including zip code)
(86-29)
8187-8277
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange
on which registered
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Common Stock, par
value $0.001 per share
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FTFT
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Nasdaq Stock Market
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Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
November 4, 2019, Future FinTech Group Inc. (the “Company”) received a letter from the Nasdaq Stock Market (“Nasdaq”)
notifying the Company that, because the closing bid price for the Company’s common stock listed on Nasdaq was
below $1.00 for 30 consecutive trading days, the Company no longer meets the minimum bid price requirement for continued
listing on Nasdaq under Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share (the
“Minimum Bid Price Requirement”).
The
notification has no immediate effect on the listing of the Company’s common stock. In accordance with Nasdaq Marketplace
Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, until May 4, 2020 (the “Compliance
Period”), to regain compliance with the Minimum Bid Price Requirement. If at any time before the expiration of
the Compliance Period the bid price of the Company’s common stock closes at or above $1.00 per share for a minimum
of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the Minimum Bid
Price Requirement. If the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible
for an additional 180 calendar day period to regain compliance. To qualify, the Company will be required to meet the continued
listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market,
with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock split, if necessary. However, if it appears to Nasdaq that the
Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that
the Company’s securities will be subject to delisting.
The
Company intends to continue actively monitoring the bid price for its common stock between now and the expiration of the Compliance
Period and will consider all available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Future FinTech Group Inc.
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Date: November 8, 2019
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By:
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/s/
Yongke Xue
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Name:
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Yongke Xue
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Title:
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Chief Executive Officer
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2
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