Nasdaq grants extension to Borqs Technologies until final determination from a hearing scheduled for August 27, 2020
August 03 2020 - 9:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or
“Borqs”), a global leader in embedded software and products for the
Internet of Things (IoT) industry, announced that on July 28, 2020,
the Nasdaq Hearings Panel granted the Company’s request to extend
the automatic 15-day stay of suspension from The Nasdaq Stock
Market LLC (“Nasdaq”), pending the hearing scheduled for August 27,
2020 and a final determination regarding the Company’s listing
status. As previously disclosed, on July 9, 2020, Nasdaq
staff had notified the Company that it had determined to delist it
as the Company had failed to comply with Nasdaq’s filing
requirements set forth in Listing Rule 5250(c)(1) because it had
not filed its Form 20-F for the year ended December 31, 2019.
The Company will present a definitive plan and
achievable schedule for filing of the Form 20-F to regain
compliance.
The Nasdaq Hearings Panel has decided to
maintain the status quo of the Company’s shares and permit trading
to continue on the Nasdaq Capital Market stock exchange pending the
hearing and the outcome of our August 27th, 2020 compliance
plan.
About Borqs Technologies,
Inc.
Borqs Technologies is a global leader in
software and products for the IoT, providing customizable,
differentiated and scalable Android-based smart connected devices
and cloud service solutions. Borqs has achieved leadership and
customer recognition as an innovative end-to-end IoT solutions
provider leveraging its strategic chipset partner relationships as
well as its broad software and IP portfolio.
Borqs’ unique strengths include its Android and
Android Wear Licenses which enabled the Company to develop a
software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Forward-Looking Statements and
Additional Information
The information above includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included herein are forward-looking statements.
These forward-looking statements may be identified by their use of
terms and phrases such as “may,” “expect,” “estimate,” “project,”
“plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,”
“continue,” “potential,” “should,” “could,” and similar terms and
phrases. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve certain assumptions, risks and uncertainties. These
forward-looking statements represent the Company’s current
expectations or beliefs concerning future events, and it is
possible that the results described in this release will not be
achieved. These forward-looking statements are subject to certain
risks, uncertainties and assumptions identified in this release or
as disclosed from time to time in the Company’s filings with the
Securities and Exchange Commission (the “SEC”). Factors that could
cause actual results to differ from the Company’s expectations
include the risk that the panel will not grant the Company’s
request to attempt to regain compliance with the Rule;
uncertainties relating to the ability of the Company to cure any
delinquencies in compliance with the Rule due in part to potential
continued quarantine and travel restrictions on the Company’s
personnel and auditors related to the COVID-19 pandemic; risk
relating to the substantial costs and diversion of personnel’s
attention and resources due to these matters; risk that the
Company’s ordinary shares could be delisted from the Nasdaq Capital
Market and other factors described in the Company’s filings with
the SEC. As a result of these factors, actual results may differ
materially from those indicated or implied by forward-looking
statements.
Any forward-looking statement speaks only as of
the date on which it is made, and, except as required by law, the
Company does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Company to predict all such
factors.
Investor Contact:
Sandra DouDirector of FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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