Attis Provides an Update on Status of Nasdaq Listing
April 23 2019 - 4:30PM
Attis to Appeal Staff Determination Regarding
Delinquent Reports
via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the
“Company” or “Attis”), a diversified innovation and technology
holding company, today announced that Nasdaq has informed the
Company by letter (the “April Nasdaq Letter”) that it is not in
compliance with Nasdaq’s filing requirements set forth in Listing
Rule 5250(c)(1) because it has failed to file its Quarterly Report
on Form 10-Q for the period ending September 30, 2018 and its
Annual Report on Form 10-K for the period ending December 31, 2018
by April 16, 2019. The Company intends to appeal this
determination and request an extended stay of suspension of the
Company’s securities, which, if granted, would require that the
Company become current in its filings prior to the date of the
hearing with the Nasdaq Appeals Panel, which is expected to occur
during the period between May 24, 2019 and June 10, 2019. In the
event that the extended stay of suspension is rejected, the initial
stay will last only until on or about May 9, 2019, at which time
the Company’s securities would be suspended from The Nasdaq Capital
Market and a Form 25-NSE will be filed with the Securities and
Exchange Commission, which would remove the Company’s securities
from the listing and registration on The Nasdaq Stock Market,
unless all outstanding filings have been submitted prior to that
date. The April Nasdaq Letter has no immediate effect on the
listing or trading of the Company’s common stock.
The delay in the Company’s filings is a result
of efforts to continue to assess the accounting related to certain
historical transactions that took place in 2017 and the first half
of 2018 and the Company believes it is important that the
aforementioned transactions are presented accurately to our
shareholders. The Company has benefited from these
transactions through the acquisition of valuable intellectual
property and licenses related to ethanol coproduct technology and
absorbing an engineering team with extensive process and civil
engineering experience in the green technology market; however, the
process of quantifying certain fair values within these
transactions has proven extremely labor-intensive and
time-consuming.
Attis Industries, Inc. Attis Industries
Inc. (NASDAQ: ATIS) is a diversified innovation and technology
holding company focused on developing and building businesses in
the healthcare, sustainable materials and renewable fuel markets.
We strive to encourage our employees to be entrepreneurs
focused on innovation and technology. We will remain dynamic,
persistent and motivated to our mission of winning. The
growth of our company will rely on our integrity and our vision for
the future. Today, each of Attis business sectors provide high
growth opportunities that collectively account for more than a
third of our nations GDP. For more information,
visit: www.attisind.com
Forward-Looking StatementsAny statements
contained in this press release that do not describe historical
facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
You can identify forward-looking statements by words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “should,” “would” or similar words. You should
consider these statements carefully because they discuss our plans,
targets, strategies, prospects and expectations concerning our
business, operating results, financial condition and other similar
matters. These statements are subject to certain risks,
uncertainties, and assumptions, including, but not limited to,
risks and uncertainties relating to the Company's ability to
develop, market and sell products based on its technology; the
expected benefits and efficacy of the Company's products and
technology; the availability of substantial additional funding for
the Company to continue its operations and to conduct research and
development, clinical studies and future product commercialization;
and, the Company's business, research, product development,
regulatory approval, marketing and distribution plans and
strategies; the ability of the Company to continue to meet the
listing requirements of NASDAQ; the ability of the Company to
execute on a business plan that permits the technologies and
innovations businesses to provide sufficient growth, revenue,
liquidity and cash flows for sustaining the Company’s go-forward
business, and the risks identified and discussed under the caption
“Risk Factors” in the Attis Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, filed with the Securities and
Exchange Commission (the “SEC”) on April 16, 2018 and the other
documents Attis files with the SEC from time to time. There will be
events in the future, however, that Attis is not able to predict
accurately or control. Attis’s actual results may differ materially
from the expectations that Attis describes in its forward-looking
statements. Factors or events that could cause Attis’s actual
results to materially differ may emerge from time to time, and it
is not possible for Attis to accurately predict all of them. Any
forward-looking statement made by Attis in this press release
speaks only as of the date on which Attis makes it. Attis
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
ir@attisind.com
Kevin M. McGrath
TraDigital IR
(212) 389-9782 x104
kevin@tradigitalir.com
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