BEIJING, Feb. 25, 2019
/PRNewswire/ -- Origin Agritech Ltd. (NASDAQ:
SEED) (the "Company" or "Origin"), an agriculture
technology and rural e-commerce company, today announced that
the Company has received a letter from the NASDAQ Stock
Market ("NASDAQ") notifying the Company that the Company is
delinquent with respect to the filing of the Annual Report on Form
20-F for the fiscal year ended September 30,
2018 and therefore not in compliance with the requirements
for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).
The Company has 60 calendar days to submit a plan to NASDAQ to
regain compliance and if such plan is accepted, the Company can be
granted an exception until August 14, 2019 to regain compliance. If
NASDAQ does not accept the Company's plan, the Company will have
the opportunity to appeal that decision to a hearings panel. The
Company's management is pursuing options to address the deficiency.
The Company plans to file Form 20-F as soon as possible or submit a
compliance plan on or before the deadline set by NASAQ.
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in
Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China's leading agricultural technology and a
rural social e-commerce company, expanding in mid-2018 from crop
seed breeding and genetic improvement business to be a leading
technology developer in new rural e-commerce platform and
Blockchain technologies. In crop seed biotechnologies, Origin
Agritech's phytase corn was the first transgenic corn to receive
the Bio-Safety Certificate from China's Ministry of Agriculture. Over the
years, Origin has established a robust biotechnology seed pipeline
including products with glyphosate tolerance and pest resistance
(Bt) traits. For further information, please visit the Company's
website at: http://www.originseed.com.cn or
http://www.originseed.com.cn/en/.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the federal securities laws, including Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements address expected future business and financial
performance and financial condition, and contain words like
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"will," "would," "target," and similar expressions and variations.
Forward-looking statements address matters that are uncertain.
Forward-looking statements are not guarantees of future performance
and are based on assumptions and expectations which may not be
realized. They are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates but involve a number of
risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the
company's actual results to differ materially from those discussed
in forward-looking statements are: failure to develop and market
new products and optimally manage product life cycles; ability to
respond to market acceptance, rules, regulations and policies
affecting our products; failure to appropriately manage process
safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital
markets conditions, such as inflation, interest and currency
exchange rates; business or supply disruptions; natural disasters
and weather events and patterns; ability to protect and enforce the
company's intellectual property rights; and separation of
underperforming or non-strategic assets or businesses. The company
undertakes no duty or obligation to publicly revise or update any
forward-looking statements as a result of future developments, or
new information or otherwise, should circumstances change, except
as otherwise required by securities and other applicable laws.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary
statements.
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SOURCE Origin Agritech Limited