NF Energy Saving Corporation Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
April 19 2019 - 5:05PM
NF Energy Saving Corporation. (NASDAQ:BIMI) (“BIMI” or the
"Company") today announced that on April 17, 2019, the
Company received a notification letter from the Nasdaq Stock Market
(“Nasdaq”) stating that, because the Company has not yet filed its
Annual Report on Form 10-K for the quarter ended December 31, 2018
(the “Form 10-K”), the Company is no longer in compliance with
Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1)
requires listed companies to timely file all required periodic
financial reports with the Securities and Exchange Commission. The
Nasdaq letter has no immediate effect on the listing of the
Company’s shares.
Nasdaq’s notification letter states that the Company has 60
calendar days to submit to Nasdaq a plan to regain compliance with
the Nasdaq Listing Rules. 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 Form 10-K to regain compliance.
If Nasdaq does not accept the Company’s plan, then the Company will
have the opportunity to appeal that decision to a Nasdaq hearings
panel.
The Company intends to resolve the deficiency and regain
compliance with the Nasdaq Listing Rules.
Forward-Looking StatementsThis news release contains
forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements that are other than statements of historical facts.
These statements are subject to uncertainties and risks including,
but not limited to, product demand and acceptance, changes in
technology, economic conditions, the impact of competition and
pricing, government regulations, and other risks contained in
reports filed by the company with the Securities and Exchange
Commission. All such forward-looking statements, whether written or
oral, and whether made by or on behalf of the Company, are
expressly qualified by this cautionary statement and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the Company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
About NF Energy Saving CorporationNF Energy Saving
Corporation (NASDAQ: BIMI) is a China-based provider of integrated
energy conservation solutions utilizing energy-saving equipment,
technical services and energy management re-engineering project
operations to provide energy saving services to clients. In
February 2019, the Board of Directors of the company was
reorganized following efforts led by Mr. Yongquan Bi, the company’s
new Chairman and CEO, with a renewed focus on the health
industry.
For more information contact:
Xiaoyu LiXiaoyu.li.ch@hotmail.com+86 13304110519
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