BEIJING, Oct. 19, 2018 /PRNewswire/ -- China Advanced
Construction Materials Group, Inc. (NASDAQ CM:
CADC) (the "Company" or "China AMC"), a
construction company engaging in the production of advanced
construction materials for large scale infrastructure, commercial
and residential developments, today said it has received a Notice
from the NASDAQ Stock Market notifying the Company that, because
its Form 10-K for the fiscal year ended June
30, 2018 (the "2018 10-K") was not filed with the Securities
and Exchange Commission by the required due date of October 15, 2018, the Company is therefore not in
compliance with the periodic filing requirements for continued
listing set forth in NASDAQ Listing Rule 5250(c)(1).
This Notice received has no immediate effect on the listing or
trading of the Company's shares. Since the Company's Audit
Committee, after consultation with the Company's independent
registered public accounting firm, Friedman LLP ("Friedman")
concluded, that the Company's audited financial statements at and
for the period ended June 30, 2017
contained in the Company's Annual Report on Form 10-K as well the unaudited financial statements
at and for the periods ended March 31,
2018, December 31, 2017 and
September 28, 2017 contained in the
Company's Quarterly Reports on Form 10-Q should no longer be relied
upon, and Friedman subsequently resigned as the Company's
independent registered public accounting firm, NASDAQ Staff has
applied more stringent criteria pursuant to NASDAQ Listing Rule
5101 and therefore the Company has until November 14, 2018 to submit a plan to regain
compliance. The compliance plan is required to provide a summary of
the independent investigation into the reasons that led to the
Company's conclusion that the previously filed financials should no
longer be relied upon. If Nasdaq accepts the Company's plan, then
Nasdaq may grant the Company up to 180 days from the prescribed due
date for filing the 2018 10-K, or April 15,
2019, to regain compliance.
The Company expects and intends to submit to NASDAQ the
compliance plan by November 14,
2018.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About China Advanced
Construction Materials Group, Inc.
China ACM is a producer of advanced, certified eco-friendly
ready-mix concrete (RMC) and provider of related technical services
for large scale, and other complex infrastructure projects.
Leveraging its proprietary technology and value-add engineering
services model, the Company has won work on many high profile
projects including the 30,000 km China HSR expansion, the Olympic
Stadium Bird's Nest, Beijing South Railway Station, Beijing International Airport, National Centre
for Performing Arts, CCTV Headquarters, Beijing Yintai Building and
U.S. and French embassies in China.
Forward-Looking Statements
This press release contains forward-looking statements,
including but not limited to statements that concern the company's
ability to comply with Nasdaq Listing Rules and the continued
listing of the Company's shares on Nasdaq. These forward-looking
statements are not historical facts, and instead are based on our
current expectations, estimates, opinions, and beliefs.
Consequently, you should not rely on these forward-looking
statements. The accuracy of such forward-looking statements depends
upon future events, and involves risks, uncertainties, and other
factors beyond our control that may cause these statements to be
inaccurate and cause our actual results, performance, or
achievements to differ materially and adversely from those
anticipated or implied by such statements, including, among others:
the risk that the completion and filing of the periodical reports
will take longer than expected or may not be completed at all; the
risk that the company will be unable to submit a plan to regain
compliance to Nasdaq before the due date or that any such plan may
not be accepted by Nasdaq; the risk that the company will be unable
to comply with the listing standards for the Nasdaq market; and the
risks more fully described in "Item 1A. Risk Factors" in
China ACM's Annual Report on Form
10-K for the fiscal year ended June 30,
2017. China ACM does not assume any obligation to update or
revise any such forward-looking statements, whether as the result
of new developments or otherwise.
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SOURCE China Advanced Construction Materials Group, Inc.